Bitcoin millionaire addresses down more than 20,000 this year…$510 billion wiped off market cap
Summary
- It reported that the number of Bitcoin millionaire addresses has fallen by about 20,564 so far this year, a decline of 15.68%.
- It reported that Bitcoin is down about 50% from its all-time high and is now trading around $63,000, and that this has reduced Bitcoin’s market capitalization by $510 billion.
- It said that some institutions, including Bernstein and Standard Chartered, see potential for a medium- to long-term rebound in Bitcoin toward $100,000–$150,000, while noting that digital-asset policy uncertainty remains.
More than 20,000 “Bitcoin millionaire addresses” have disappeared so far this year amid the sharp drop in Bitcoin (BTC) prices.
According to crypto (cryptocurrency) media outlet Finbold on the 24th, an analysis based on BitInfoCharts data found that the number of addresses holding Bitcoin worth $1 million (about KRW 1.37 billion) or more fell to 110,561 from 131,125 on January 1. That is a decline of about 20,564, or 15.68%.
The decline is seen as an extension of the downtrend that has continued since late last year. Bitcoin hit an all-time high above $125,000 in early October last year, but has since fallen about 50% and is now trading around $63,000. Last year, the number of addresses holding at least $1 million also decreased by about 7,000.
That said, it is important to distinguish between “Bitcoin millionaires” and “millionaire addresses.” This is because an individual can hold multiple addresses, and in the case of institutional investors, a single wallet may contain assets belonging to multiple investors.
So far this year, the total market capitalization of the broader crypto market has declined by about $800 billion, with $510 billion of that coming from Bitcoin alone.
Market participants are split on whether this correction is a repeat of a traditional crypto cycle, a result of risk-off flows driven by heightened global uncertainty, or a combination of factors.
Meanwhile, some institutions remain optimistic over the medium to long term. Bernstein projected that Bitcoin could rebound to $150,000, while Standard Chartered has pulled back from its previous $150,000 target but maintained its $100,000 target. However, the comprehensive overhaul of digital-asset laws and regulations in the United States has been delayed, leaving policy uncertainty in place.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
