Over 20,000 Bitcoin millionaires lost in Q1 2026

A recent analysis by Finbold has uncovered a notable drop in the number of Bitcoin addresses worth $1 million or more during the initial three months of 2026. This decline, which saw the total number of such addresses tumble from 148,084 to 127,494, can be attributed to the significant decrease in Bitcoin's value during this period. Between January 1 and March 31, 2026, the cryptocurrency's price plummeted by 23%, falling from approximately $88,700 to $68,200. As a result, 20,590 addresses slipped below the $1 million threshold, representing a 13.90% decrease.

It is worth noting that the reduction in millionaire addresses was primarily driven by the decline in Bitcoin's price, rather than a surge in selling activity. The data reveals that the largest decline occurred among addresses holding between $1 million and $10 million, with this segment experiencing a decrease of 18,483 addresses, from 131,716 to 113,233. This suggests that mid-tier holders were disproportionately affected by the price correction. Furthermore, even addresses holding $10 million or more were not immune to the downturn, with their numbers decreasing by 2,107, from 16,368 to 14,261.

Compared to the same period in 2025, the decline in millionaire addresses has intensified significantly. In Q1 2025, Bitcoin lost 13,942 millionaire addresses, whereas in Q1 2026, the contraction was 6,648 addresses larger, representing a 47.7% deeper decline year-over-year. This highlights a clear deterioration in market conditions, with price volatility exerting a greater impact on wallet distribution. The data does not necessarily indicate a mass exodus of capital, but rather a price-driven reclassification, where falling valuations push wallets below key wealth thresholds without requiring significant changes in underlying holdings.

Interestingly, the decline in millionaire addresses occurred despite continued institutional involvement in Bitcoin markets. Major asset managers, such as BlackRock, increased their Bitcoin holdings during Q1 2026, even as prices declined. This divergence suggests that while smaller and mid-tier holders were more exposed to price-driven declines, larger participants continued to accumulate Bitcoin as part of their long-term allocation strategies. It is essential to consider that a single individual can control multiple Bitcoin addresses, meaning that wallet counts do not directly correspond to the number of unique investors. Nonetheless, the trend remains a useful indicator of changes in on-chain wealth distribution, highlighting a broader shift in Bitcoin's market structure, where price volatility increasingly impacts mid-tier holders, while larger entities maintain or expand their positions.