Bitcoin winter wiped over 70,000 Bitcoin millionaires in 2022, as the recent volatility experienced by top cryptocurrency resulted in millionaire holders suffering significant losses, a report showed.
According to a research released on Tuesday, the crypto winter wiped off over 70,000 Bitcoin millionaires in 2022, as recent volatility in top cryptocurrency resulted in severe losses for millionaire holders.
According to Finbold statistics (as of January 2), the number of Bitcoin millionaire addresses remained at 28,007, a decline of around 71.73 percent or 71,085 addresses from the same day last year.
At the start of last year, the number of millionaire addresses stood at 99,092.
“The rise of Bitcoin and other cryptocurrencies in recent years has created a new class of wealthy individuals, many of whom had made their fortunes by buying into the market early,” said the report.
However, the market has experienced a strong slump in the last year, with the value of Bitcoin plummeting substantially, resulting in a catastrophic impact on the wealth of many holders.
Notably, the majority of Bitcoin addresses own between $100 and $999 worth of BTC, with 13.47 million as of January 2023, a decline of around 13.33% (on-year) from 15.63 million.
The second largest group of Bitcoin holders owns at least $1,000 in BTC, with 5.33 million as of January 2023, up from 6.54 million in 2022.
“As the price of Bitcoin continues to plummet, many investors have seen their holdings depreciate dramatically. As a result, the decline in millionaire addresses demonstrates how much the crypto market has plummeted since the 2021 bull run “According to the analysis.
It is worth mentioning that the decreasing number of Bitcoin billionaires is not simply due to the price decline.
“With Bitcoin in free fall in recent weeks, the possibility of holders dumping their investments to prevent additional losses has grown. Institutions have also hopped on the liquidation bandwagon, with MicroStrategy, an American business analytics firm, selling nearly 700 Bitcoin “According to the article.
