Number Of Bitcoin Millionaires Declines By 75% In Crypto Crash

Over 80,000 Bitcoin BTC/USD investors lost their millionaire status as the leading digital asset fell below $20,000.

What Happened: According to BitInfoCharts, addresses holding over $1 million BTC dropped 75% to 26,300 from an all-time high of 108,886 in November when Bitcoin hit $69,000.

Those that bought significant amounts of the asset in its early days made millions. However, these investors saw most of these gains completely eradicated in the first half of 2022.

At the time of publication, Bitcoin was trading at around $19,110, as per data from Benzinga Pro.

See Also: 2022 Is The Worst Bear Market In Crypto History, On-Chain Data Shows

The crypto crash has wiped out a large number of Bitcoin millionaires. However, data shows that retail investors saw the downturn as an opportunity to load their bags with more coins. Over 250,000 addresses added 0.1 BTC to their holdings over the last three weeks, according to Glassnode.

High-profile investors are also unfazed by the crypto market slump. Rapper and NFT advocate Snoop Dogg recently said the crash "weeded out" everyone who wasn’t supposed to be in the industry.

See Also: Is Bitcoin A Good Investment?