The recent decrease in the Bitcoin course has not only made investors nervous, but also led to a striking shift in the distribution of power within the network. New data shows that the number of Bitcoin addresses with more than 1 million dollars in BTC is rapidly decreasing.
Bitcoin course is falling, millionaires disappear
Between 22 and 26 September no fewer than 4,464 Bitcoin millionaires have disappeared, according to figures from Bitinfocharts. That amounts to a decrease of an average of 893 millionaires per day. Where on September 22 167,278 addresses still represented a value above 1 million dollars, there were only 162,879 four days later.
Hard clapping has also fallen under the large ‘whales’. The number of addresses with more than $ 10 million in BTC fell from 21,952 to 21,887.
Drop drops of billions wipes off the table
The blow follows a considerable correction in the Bitcoin course. Since September 22, BTC has dropped from more than 116,000 to just above $ 109,000. In total, around 150 billion dollars in market value evaporated. Each time the price falls further, hundreds of addresses tumble under the symbolic limit of 1 million dollars.
The wider cryptomarkt also got a tap. Altcoins performed even worse, so that the dominance of Bitcoin rose slightly. But that was not reassurance for rich investors.
Trend fits in a larger picture
In July there were more than 170,000 millionaires within the Bitcoin network. The decrease therefore fits in a longer trend. And although price movements play a major role, there are also other causes. Consider merging wallets by large parties, moving crypto to or of fairs, and the inflow or outflow at ETFs.
Important to know: one address does not automatically mean one person. Someone can have multiple addresses, and trade fairs often group the money from thousands of customers. Yet this decrease shows how quickly wealth on paper can evaporate if the course goes down.
Source: https://newsbit.nl/bitcoin-verliest-deze-week-bijna-1-000-miljonairs-per-dag/
