Bitcoin Millionaires Fell by 70% in First Three Quarters of 2022

The summer 2022 crypto market crash was one the worst in the history of the industry. The markets lost over a trillion US Dollars in market capitalization. According to Finbold, in just the first three quarters of 2022, the number of Bitcoin (BTC) millionaires fell by 70.23%. The data showed that the number of BTC addresses with over $1 million in holdings reached a low of 29,497 as of September 28, 2022.

According to data from BitInfoCharts.com, at the end of Q3 2022, 25,395 unique addresses had over $1 million worth of BTC. Meanwhile 4,102 additional addresses had a combined balance of at least $10 million.

To put into perspective, at the beginning of Q1 2022, 99,092 Bitcoin (BTC) addresses held $1 million or more. On October 28, 2021, 116,139 Bitcoin addresses were verified as millionaires.

Bitcoin rich list hit the hardest?

After hitting an all-time high in November 2021, the value of Bitcoin (BTC) has been steadily decreasing. And with the value, so has the number of BTC millionaires. From October 2021 to September 2022, the number of BTC millionaires fell by a number of 86,642.

The performance of Bitcoin is still being impacted by a number of factors, such as increased regulatory scrutiny, choppy markets, geopolitical upheaval, and rising inflation. However, Bitcoin has recently recovered the $20,000 level. Furthermore, bulls are struggling to keep the price trending upward after failing to gain enough traction to push through $21,000.

Many industry experts, including Tesla CEO Elon Musk, believe the recession to last till spring of 2024.

At press time, BTC was trading at $20,547.75, down by 1% in the last 24-hours. However, the token is up by 4.6% in the last seven days. Nonetheless, the original crypto is still down by 70.3% from its all-time high of $69,044.77, attained on the 10th of November 2021.

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