Bitcoin (BTC) Wallet Addresses Witnessing Downfall

Bitcoin Mining Firm Agro Blockchain Halts Operations For 24 Hours
  • Bitcoin (BTC) millionaires’ addresses drop by 80% in a year. 
  • Bitcoin wallets with a 0.01 BTC balance or more have seen a significant increase.

The largest cryptocurrency by market cap, Bitcoin (BTC), is still highly rejected as long as there is still market volatility globally. Over the last weekend, Bitcoin’s price dropped to $15,000 rage, leading to bearish momentum in the global crypto market. Also, Bitcoin wallet addresses fell by over 80%.

In the aftermath of FTX bankruptcy, Bitcoin has been significantly experiencing selling pressure, which is yet another sign of a bear market and how far the cryptocurrency market has dropped from Bitcoin’s most recent all-time highs.

Small Investors Addresses Raised 

According to an on-chain data source Glassnode, the number of bitcoin millionaires’ addresses drops by 80% in a year. Currently, there are only 23K wallets with a BTC balance worth $1 million or more. When comparing this with last year November 2021, were Bitcoin reached its all-time high of $69,000, there were 112K Bitcoin wallet addresses with a balance of more than $1 million recorded. 

But still, there is a bright side, small and large investors have both regularly acquired cryptocurrencies on dips. However, Glassnode indicates that balances with 0.01 BTC or more in their wallets have seen a significant increase in numbers. And the total active addresses are increased. 

Bitcoin (BTC) wallet Addresses (Source: Glassnode)

Since several industry titans, like Terra, Three Arrows Capital, and Celsius Network, have collapsed under the weight of the market crash, the current bear market which was led by FTX’s demise may appear more severe than previous ones. 

Moreover, Bitcoin’s price surged by around 21% in the preceding month and traded at $16,161 with 24 hours trading volume of $19 billion. Bitcoin has decreased by 3% in the last 24 hours and had a market cap of $310 billion, as per Coingecko.

A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.