Crypto Winter Wipes Out 70% of Bitcoin Millionaires

A new report reveals that the amount of Bitcoin millionaires has dropped by over 70% as the ‘crypto winter’ continues.

The study compiled by Bitstacker.com found that over 72,000 of Bitcoin addresses were no longer holding over $1 million worth of BTC.

By using the WayBackMachine web archive tool, BitStacker could retrieve data that showed a total of 99,092 addresses holding Bitcoin over one $1 million in Jauary 2022. But as of November 2022, the number of addresses dropped to only 22,564.

What’s behind the fall of Bitcoin millionaires?

So far, 2022 has been a catastrophic year for Bitcoin. The original cryptocurrency was trading at $46,209 on January 1, 2022, while a single Bitcoin was only worth $15,759 at the time of writing this report. The cryptocurrency reached its highest value of over $68,000 in November 2021.

Kris Lucas, BitStacker.com analyst said:

‘Since the all-time high of Bitcoin in November 2021, several things have hampered further growth. From the skyrocketing inflation rates to the implementation of several interest rate rises, it has made the speculation on ‘risky’ assets such as Bitcoin less attractive. This has been compounded by the numerous scandals and failures within the cryptocurrency industry including the recent collapse of the FTX crypto exchange.’