Bitcoin millionaires are visibly thinning out as the market’s pullback since New Year’s Day drags long-term holders further underwater.
Finbold data shows the number of Bitcoin addresses holding at least $1 million fell by nearly 14% in Q1 2026 — from 148,084 on January 1 to 127,494 on March 31. The loss largely tracks Bitcoin’s steep early‑year retreat, when the price slid from a yearly high above $97,000 to a low near $60,000 on February 6, pushing many wallets below the million‑dollar mark.
That decline has continued beyond Q1. BitInfoCharts reports the count of $1 million addresses now sits around 119,878, implying that some holders sold into the recovery that followed February’s trough rather than simply being revalued below the threshold by price action.
Not all large‑holder metrics moved in the same direction. Addresses holding $10 million or more have actually bounced back from their end‑Q1 lows. Finbold recorded 14,261 such addresses at the close of March; BitInfoCharts currently shows about 15,036 — a modest rebound that suggests some whales topped up or reaccumulated during the recovery.
On‑chain analytics from Glassnode add a cautionary note. The 30‑day simple moving average of the Long‑Term Holder (LTH) Relative Unrealized Loss sits at about 14% of Bitcoin’s market cap — far below the roughly 70% average seen at previous bear‑market bottoms. That metric measures the unrealized losses of holders classified as long‑term, normalized to market cap, and Glassnode says the current level implies LTHs are under stress but not anywhere near historical capitulation points.
Glassnode also highlights weak spot demand and muted futures activity, arguing the recent price rebound lacks strong conviction. Put simply: the recovery has not yet produced the broad, confident buying that has historically accompanied cycle lows turning into sustained rallies.
Bitcoin is trading near $72,800 at time of writing, up on the day per CoinMarketCap — still well below its reported all‑time high of $126,000 and inside a market that, according to multiple on‑chain signals, remains in the process of rebalancing.
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