Millionaire Bitcoin (BTC) Wallets Declined; Small Sized Wallets on Increase

• Bitcoin (BTC) has attained its all time high of more than 68,000 USD
• Crypto wallets consisting Million USD worth BTC are decreasing

With the fall in trading price of the flagship cryptocurrency Bitcoin (BTC), the number of wallets carrying significant amounts of the crypto asset also declined. During the all time high of BTC, bitcoin millionaires were also around the peak which continued to decline since then. 

Bitcoin attained its highest trading price of 68,789 USD along with this, the number of wallets with BTC worth over 1 million USD also hit its highest point in November 2021. 

At the time the largest cryptocurrency by market cap was at its maximum, there were more than 100K wallets carrying million dollar worth BTC. the highest achieved point by the number of bitcoin wallets reached 108,886 in total. 

Since then, both the BTC price and millionaire wallets have dwindled. 

Recent data shows the number of wallets consisting of 1 million USD worth BTC fell below 25K wallets. Currently, there are 24,748 such wallets, which is down by more than 77% from its highest point. 

The millionaire wallets witnessed the drops in earlier months of the last year. In June 2022, there were slightly more than 26K such wallets. 

Bitcoin wallets holding BTC worth 10 million USD also witnessed a drop as there are 3,872 BTC wallets. 

In contrast to the wallets with bigger holdings, the small-holding BTC wallets are on high, it reported to attain its all time high on January 10. 

Increase in the number of small amount wallets indicates that Bitcoin investors are not losing interest while it’s clearly signaling taking the advantage by increasing their BTC at low trading prices. 

The decrease in bitcoin millionaires is also consistent with the digital asset’s declining profitability. As of January 2023, only 51% of Bitcoin investors are making money, a sharp decline from the start of the year 2022 when only roughly a quarter of investors were losing money.

During this time, its significant holder concentration has also decreased. There has been a shift of Bitcoin from whales to lesser holders, as only 10% of wallets are currently categorized as significant holders. Additionally, it suggests greater decentralization because the supply will be better spread among market participants.

Currently Bitcoin is trading at 17,435 USD with more than 3% surge within the last week. The current price is down by up to 75% from its ATH, according to the CoinMarketCap data. 

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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