Bitcoin: how the crypto winter put 75,000 millionaires out of business

Whales are underwater – While the price predictions regarding Bitcoin (BTC) – and predictions about his future bull run – blooming at the start of 2023, it is still its year 2022 was especially difficult. Like all crypto-investors, the richest – they “whales” – have seen the value of their cryptocurrencies melt like snow in the sun. Many are even relegated to “whales” or more clearly, less than millionaires in US dollars.

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75% of early 2022 Bitcoin whales are no longer millionaires

Bad times for enthusiastic investors in Bitcoin and crypto assets. With a drop in the price of the king of cryptos from -75% compared to its ATH (all-time high) in November 2021, this will have been a carnage in the number of millionaire BTC addresses in US dollar equivalent.

As can be seen in the table regarding BitInfoCharts below, there is now only 24,624 addresses bitcoin which function for more1 million dollars of cryptocurrency. But as Cryptopotato especially reminds us, there almost was 100,000 addresses with a similar amount just 1 year ago, in January 2022.

Although the same address may belong to several owners – especially the addresses of exchange platforms or institutional funds that pool their clients’ cryptoassets – we can simplify by summarizing that three quarters of these addresses are no longer more millionaires in bitcoins.

Fortunes are made and broken quickly with Bitcoin – Source: bitinfocharts.com

And bitcoin lovers is of course not not the only ones to have taken a cold shower in 2022. On the sideEthereum (ETH) also the drastic fall of -82% of Ether prices has left its mark. However, it may be the bottom of the market is close, if it has not already been reached. Soon a first ray of sunshine in this harsh crypto winter?

In crypto, do not skimp on caution! So to keep your crypto assets safe, the best solution is still a personal hardware wallet. At Ledger, there is something for all profiles and all cryptos. Don’t wait to secure your capital (commercial link)!

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