The sweeping impact of the turmoil in the financial and crypto markets has revealed some telling statistics – more than 75% of millionaires holding BTC have lost their status as wealthy people. The downturn in the crypto market has another implication – the number of people holding whole coins is on the rise. In November 2021, BTC prices hit their all-time high of $69,000 and just about 108,886 wallets held balances higher than $1 million.
That is no longer true. As per current statistics and July 1st, BTC is struggling to keep its price level at just above $20,000. In contrast to the wallets containing holdings over $1 million previously, now the number is just 26.284. This is the surest indicator that millionaire numbers have gone down by 75% or more.
This stunning decline has also resulted in the lowered numbers of whales. Whales is a term used to denote people whose BTC wallet contains over $10 million in value. In November 2021, 10587 wallets had a minimum of $10,000. Today, this number stands at 4342, a drop of 58%.
Even though the numbers of BTC millionaires being lower, the current market has resulted in over 13000 wholecoiners. This term denotes people who have one BTC or more holdings in their account. The number of people who are wholecoiners is now more that 860,000. This jump in numbers is an indication that many retail investors are buying up BTC while the prices are low. Thanks to the uncertainty in the financial markets, analysts think that the price of BTC and similar assets will suffer for a while.