Glassnode: The number of “millionaire wallets” fell by 80% in a year

During the year, the number of crypto wallets that accumulated bitcoins in the amount of at least $1 million decreased by 80%. According to the Glassnode team, the number of such addresses is now only 23,245.

The researchers note that the market crash had an extremely negative impact on the profitability of holders of the largest digital currency.

At the beginning of November 2021, the number of “millionaire wallets” reached 112,898.

Recall that a year ago, bitcoin soared to $69,000, after which its value began to fall. Investors exited the shares of the IT sector and the cryptosphere amid global uncertainty caused by economic and political factors.

At the same time, in parallel, analysts recorded an increasing increase in the number of addresses with a balance of more than one bitcoin. As of November 27, the total number of such cryptocurrency holders has set a new record of just over 952,000.

The number of small wallets holding 0.01 BTC or more is also steadily growing.

The largest digital currency is trading at $16k today.

At the beginning of last week, BTC fell to its lowest level since November 2020. On spot exchanges, bitcoin tested values ​​below $15,800, but quickly rebounded.

Why BTC is depreciating

Cryptocurrency (like the rest of the digital asset market) has been negatively impacted by increased regulatory scrutiny, ongoing geopolitical unrest, rising inflation and rising interest rates, leading to a sell-off in risky assets such as stocks and digital coins, experts say.

CryptoCompare analyst Jacob Joseph notes that in the previous cycle of boom and bust, BTC fell from a peak of $19,871 in the fourth quarter of 2017 to a low of $3,170 in the fourth quarter of 2018, suffering an 84% drawdown. There was a similar 82.2% drop before when BTC fell from a high of $1,239 in the fourth quarter of 2013 to a low of $221 in the second quarter of 2015.

“This suggests that we could expect further declines if the current poor macroeconomic conditions continue,” Joseph said.

Guggenheim investment director Scott Minerd says BTC could fall to $8,000

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