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Over 70% of Bitcoin Millionaires were Wiped out Over Three Quarters in 2022

Since the start of the year, the cryptocurrency market has lost almost $1 trillion in market cap due to the downward pressure imposed on it, culminating in a run of bankruptcies involving crypto hedge funds and lenders, including Celsius Network, Voyager Digital, and Three Arrows Capital, and the scaling back of operations at firms like Blockchain.com and Coinbase.

According to data compiled by Finbold, the number of Bitcoin millionaires fell by 70.23% in the first three quarters of 2022 due to the bear market, with the total number of Bitcoin millionaires as low as 29,497 as of September 28, 2022. Based on the statistics provided by BitInfoCharts.com, 25,395 different addresses had a Bitcoin balance of more than $1 million, and an additional 4,102 of the addresses had a combined balance of approximately $10 million or more at the end of Q3.

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