Thousands of new bitcoin billionaires were added this year as a result of the digital asset’s numerous rallies. At its height, it only took 14.5 bitcoins for a holder to become a BTC millionaire, which was substantially lower than in the previous. As a result, the number of bitcoin millionaires increased rapidly, and tens of thousands of new millionaires were added to the list.
However, as a result of the current price drop, many bitcoin millionaires have lost their millionaire status. Given that the digital asset has lost about half of its all-time high value, the number of millionaires has shrunk dramatically in a relatively short period of time.
When bitcoin reached its all-time high of $69,000, the number of bitcoin billionaires skyrocketed. Given the minimal amount of coins required to achieve millionaire status, there were over 108,000 BTC millionaires for the first time. For a time, everything was well, and these 108,886 addresses retained their millionaire status. That is, until the market crisis in December 2021, which lasted well into January of the following year.
The price of BTC will plummet during the next two months, and as a result, these bitcoin billionaires will suffer immensely. This was precisely the case, as almost 30,000 BTC became non-millionaires in two months. At the time of writing, the number of BTC addresses holding at least a million dollars in bitcoin had dropped to 80,409.
The crash also impacted Bitcoin whales with greater sums. These whales, worth more than $10 million at the time of their peak, were reduced by 40%. Today, the figure has dropped from a high of 10,587 to 6,960.
With any market crisis, people will always rush to sell their holdings for fear of a further decline. This has happened with bitcoin. Liquidations did not help matters either, with nearly $1 billion in liquidations documented in the aftermath of the market fall. Nonetheless, some people keep their bitcoins through thick and thin, bear or bull markets.
BTC still has one of the highest holding rates in the cryptocurrency world. Moreover, half (59%) of all BTC holders have held their coins for more than a year, which is a fairly amazing number given that the digital currency has reached multiple all-time highs in the last year.
Holder attitude is overwhelmingly bullish, and accumulation patterns, particularly among whales, have recently increased. Whales control 10% of the total supply of bitcoin in circulation. This figure is always rising as new significant firms enter the market in an attempt to gain a higher market share than their competitors.
