30,000 Bitcoin Holders Lose Millionaire Status After Market Crash

Thousands of new bitcoin millionaires have been added in the past year following the multiple rallies that saw digital assets. At its peak, a holder only needed 14.5 bitcoins to be a BTC millionaire, much lower than at any time in the past. As a result, the number of bitcoin millionaires rose rapidly and tens of thousands of new millionaires were added.

Now, however, with the recent price crash, many bitcoin millionaires have lost their millionaire status. As digital assets have lost nearly 50% of their all-time high, the number of millionaires has plummeted in a short space of time.

There are 30,000 fewer Bitcoin millionaires

When bitcoin hit its all-time high of $69,000, the number of bitcoin millionaires skyrocketed. For the first time, there were more than 108,000 BTC millionaires given the low number of coins required to achieve millionaire status. Things went well for a while and these 108,886 addresses maintained their millionaire status. That is until the market crash that started in December 2021 and continued well into January of the new year.

BTC trending at $37,000 | Source: BTCUSD on TradingView.com

Over the next two months, the price of BTC would suffer greatly and by extension, these bitcoin millionaires would be hit hard. This was exactly the case, as about 30,000 BTC were no longer a millionaire in two months. At the last count, the number of BTC addresses with at least a million dollars worth of bitcoin had crumbled to 80,409.

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Bitcoin whales with larger balances also suffered from the crash. These whales, which numbered more than $10 million at the time of the peak, were cut by 40%. The number had dropped from its high of 10,587 to 6,960 as of today.

Who’s holding? Who not?

In any market crash, there will always be people trying to cash in on their holdings for fear of a further downtrend. This was the case with bitcoin. Liquidations didn’t help things either, as nearly $1 billion in liquidations was booked after the market crash. Yet there are people who keep their bitcoins through thick and thin, bear market or bull market.

Related literature | Anthony Scaramucci Urges Bitcoin Holders to Think Long-Term as Downtrend Won’t Last

BTC still has one of the highest holder rates in the crypto space. More than half (59%) of all BTC holders have been holding their coins for more than a yeara very impressive number considering that the digital asset had hit multiple record highs in the past year.

Holder sentiment still remains largely bullish and accumulation patterns, especially among whales, have been increasing lately. Of the entire bitcoin in circulation, whales control 10% of that supply. This number always increases as more major players enter the market and try to hold a larger share than their competitors.

Featured image from Live Trading News, chart from TradingView.com

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