Bitcoin Slide Wipes Out Over 7,600 Millionaire Wallets
Finbold data shows Bitcoin lost 7,699 millionaire wallets between September 22 and 26. The number of addresses holding at least $1 million dropped from 167,278 to 162,879, an average loss of 1,116 per day. High-net-worth pockets also shrank: wallets above $10 million fell from 21,952 to 21,887. This coincides with a Bitcoin price retreat from around $116,000 to just above $109,000, erasing roughly $150 billion in market capitalization. Altcoins underperformed further, dragging the overall crypto market down by $150 billion. Bitcoin dominance edged up as smaller coins plunged more sharply. Compared to late July’s 170,578 millionaire wallets, the recent decline forms part of a broader downtrend. Wealth distribution is influenced not only by price but also by factors such as whale consolidation, ETF flows and exchange custody shifts. While wallet counts are not a perfect proxy for individual holders, they offer clear insight into on-paper wealth fluctuations during volatile phases.
Bearish
Bitcoin’s sharp slide that eliminated over 7,600 millionaire wallets underscores heightened selling pressure and diminishing on-chain wealth, a classic bearish indicator. Historical drops, such as the May 2021 crash, show similar rapid wallet declines fueling further price falls as investors de-risk. Short-term sentiment is likely to remain cautious, with traders locking in losses until Bitcoin reclaims key support around $110,000. Over the long term, factors like ETF inflows and network growth could restore confidence, but the immediate outlook is bearish.