Finbold analysis shows that Bitcoin (BTC) recorded a sharp decline in millionaire addresses during the first quarter of 2026, as falling prices pushed tens of thousands of wallets below the $1 million threshold.
Between January 1 and March 31, 2026, the total number of Bitcoin addresses holding at least $1 million fell from 148,084 to 127,494, representing a loss of 20,590 addresses, or a 13.90% decrease over the quarter.
The contraction coincided with a significant drop in Bitcoin’s price, which declined from around $88,700 at the start of the year to $68,200 by the end of Q1, marking a 23% decrease. The data suggests that the reduction in millionaire wallets was largely driven by price depreciation rather than widespread selling activity.
Within the total, addresses holding between $1 million and $10 million saw the largest decline. This segment fell from 131,716 to 113,233, a decrease of 18,483 addresses, highlighting how mid-tier holders were disproportionately affected by the price correction.
At the upper end, addresses holding $10 million or more also declined, dropping from 16,368 to 14,261, a reduction of 2,107 addresses over the same period. While more resilient than smaller cohorts, even high-value wallets were not immune to the broader market downturn.
Bitcoin millionaire addresses year-over-year
Compared to the same period a year earlier, the decline has intensified significantly. In Q1 2025, Bitcoin lost 13,942 millionaire addresses, meaning the Q1 2026 contraction is 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.
Despite the drop in millionaire addresses, the data does not necessarily indicate widespread capital flight. Instead, it reflects a price-driven reclassification, where falling valuations push wallets below key wealth thresholds without requiring meaningful changes in underlying holdings.
BTC sees strong institutional involvement in Q1 2026
The findings come amid continued institutional involvement in Bitcoin markets. As previously reported, major asset managers including 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 long-term allocation strategies.
It is important to note that a single individual can control multiple Bitcoin addresses, meaning wallet counts do not correspond directly to the number of unique investors. However, the trend remains a useful indicator of changes in on-chain wealth distribution.
The data highlights a broader shift in Bitcoin’s market structure, where price volatility increasingly impacts mid-tier holders, while larger entities maintain or expand their positions.
