Bitcoin Millionaires Take a Hit, But Smaller Investors Take Advantage of Low Prices

• Bitcoin’s price has taken a hit since its all-time high in 2021, resulting in the number of bitcoin millionaires dropping significantly.
• The number of wallets holding more than $1 million in BTC peaked in November 2021 and has since dropped below 25,000.
• Smaller investors have been on the rise, with the number of BTC addresses holding higher than 0.1 and 1 BTC reaching new all-time highs on January 10.

The price of Bitcoin has suffered since its all-time high back in 2021, resulting in a significant decrease in the number of Bitcoin millionaires. According to data from BitInfoCharts, the number of wallets holding more than $1 million in BTC peaked at 108,886 in November 2021, but has since dropped to below 25,000 – representing a 77% decrease in just over a year.

The majority of the losses occurred in the first half of 2022, and by June 2022, there were only 26,000 BTC wallets with more than $1 million in their balances. Even wallets holding at least $10 million worth of BTC have taken a hit during this time, with the current count sitting at 3,852.

However, this trend has not deterred smaller investors, who have been on the rise. A report from Glassnode revealed that the number of BTC addresses holding higher than 0.1 and 1 BTC reached new all-time highs on Tuesday, January 10. This marked accumulation from these smaller addresses indicates that investors are taking advantage of the low prices to increase their holdings.

Overall, Bitcoin’s price has taken a hit since 2021, resulting in the number of Bitcoin millionaires dropping significantly. Although the number of million-dollar wallets has decreased, smaller investors have been on the rise, with the number of BTC addresses holding higher than 0.1 and 1 BTC reaching new all-time highs recently. This shows that investors are not deterred by the decline in prices and are taking advantage of the low prices to increase their holdings. This could be a sign that the Bitcoin market is beginning to recover, and that the number of Bitcoin millionaires may eventually begin to rise again.