The number of Bitcoin millionaire wallets fell by 20,590 in the first quarter of 2026, a 13.9% decline driven by a 23% drop in the asset's price.
The contraction, detailed in a Finbold analysis of on-chain data, reflects a price-driven reclassification of wealth rather than widespread selling by large holders. The findings highlight how price volatility affects different tiers of investors, with institutional players showing resilience.
According to the data, the total number of addresses holding at least $1 million in Bitcoin dropped from 148,084 to 127,494 between Jan. 1 and March 31. Bitcoin's price fell from a high of around $88,700 to end the quarter at $68,200.
The decline highlights a growing divergence in the market, where price volatility disproportionately affects mid-tier holders even as large institutional investors increase their positions. This suggests a shift toward long-term accumulation strategies among bigger players, who may view price dips as buying opportunities.
The vast majority of the decrease came from wallets holding between $1 million and $10 million. This cohort shrank by 18,483 addresses, falling from 131,716 to 113,233. The wealthiest cohort, those with addresses holding $10 million or more, also saw a reduction, dropping by 2,107 from 16,368 to 14,261.
This quarter's contraction was significantly more severe than the same period a year prior. The 20,590 address drop in Q1 2026 is 47.7% larger than the 13,942 address decline seen in Q1 2025, indicating deteriorating market conditions for this holder group year-over-year.
Despite the shrinking number of millionaire wallets, institutional involvement grew. Asset managers including BlackRock reportedly increased their Bitcoin holdings during the first quarter, signaling a different strategic approach from that of smaller, price-sensitive holders. It is important to note that wallet counts do not represent unique investors, as a single entity can control multiple addresses.
This article is for informational purposes only and does not constitute investment advice.
