Bitcoin loses 25,000 crypto millionaires one year into Trump presidency

Bitcoin has lost around 25,000 millionaire addresses in the year since Donald Trump returned to the White House, despite a shift toward a more crypto-friendly regulatory environment in the US.

According to new research by Finbold, at the time of Trump’s inauguration in January 2025, 157,563 Bitcoin addresses held at least $1 million worth of BTC. By January 20, 2026, that number had fallen to 132,383, a decline of 25,180 addresses or about 16 per cent year on year (YoY).

Crypto wealth dips after record highs

The fall follows a broader boom and cooldown cycle in the Bitcoin market. Millionaire addresses continued to rise after Trump took office and peaked in October 2025, when Bitcoin reached an all-time high just above $126,000.

The number of high-value addresses then declined as prices retreated in the months that followed.

“The important distinction is timing,” said Jordan Major, co-author of the research. “Trump’s election and early presidency coincided with a strong buildup in Bitcoin wealth but the absolute peak in millionaire addresses occurred later at the October 2025 price high. What we’ve seen since then is a normalisation rather than a collapse.”

Losses were less pronounced among the largest holders. Addresses holding more than $10 million worth of Bitcoin declined from 18,801 in January 2025 to 16,453 by January 2026, a drop of about 12.5 per cent.

The smaller decrease suggests greater resilience among top-tier holders compared to mid-level millionaire wallets.

Bitcoin’s price movements over the same period reflect a similar pattern. BTC traded at $102,016 on January 20, 2025, climbed to a peak above $126,000 in October 2025 and later retraced to $92,558 by January 20, 2026.

“What stands out is the divergence between tiers,” said Diana Paluteder, co-author of the research. “Mid-level millionaire addresses declined more sharply after the peak, while $10 million plus wallets showed stronger holding behaviour, pointing to consolidation rather than widespread exit.”

Finbold cautioned that blockchain data tracks addresses rather than individuals. A single investor may control multiple wallets, while one address can also represent pooled funds from multiple users.

As a result, address-level data does not equal the number of individual Bitcoin millionaires but is widely used as a proxy for capital concentration and investor behaviour.