Bitcoin was supposed to thrive in a friendlier political climate. Regulations softened, crypto advocates entered key offices, and Washington’s tone toward digital assets shifted dramatically. Yet, the blockchain tells a more complicated story.
Over the past year, Bitcoin has quietly lost around 25,000 millionaire addresses, even as President Donald Trump returned to the White House and ushered in the most pro-crypto U.S. administration to date. The numbers raise a sharp question for investors and policymakers alike: why is on-chain wealth shrinking during a regulatory thaw?
A Surprising Decline Beneath the Surface
According to blockchain data analyzed by Finbold, the number of Bitcoin addresses holding at least $1 million fell from 157,563 in January 2025—around the time of Trump’s inauguration—to 132,383 by January 20, 2026.
That’s a loss of 25,180 millionaire wallets, representing a 16% decline in just one year.
This erosion of high-value addresses stands in contrast to the broader narrative of regulatory optimism and suggests that favorable policy alone doesn’t guarantee sustained wealth creation on-chain.
The Whales Barely Flinched
Not all Bitcoin holders were hit equally.
Addresses holding more than $10 million in BTC showed greater resilience, declining from 18,801 to 16,453—a drop of 12.5%, noticeably smaller than the overall millionaire contraction.
This divergence highlights a familiar crypto reality:
the biggest holders tend to weather volatility far better than those closer to key wealth thresholds.
For wallets hovering just above $1 million, price swings were enough to knock them back below the line. For true whales, market turbulence was more manageable.
The Millionaire Boom Happened Before Trump Took Office
Ironically, much of the growth in Bitcoin millionaire addresses happened before Trump officially assumed power.
After his November 2024 election victory, Bitcoin traded near $69,000, with roughly 120,851 millionaire addresses. Optimism surged as markets priced in expectations of deregulation, institutional access, and tighter links between crypto and traditional finance.
That optimism peaked in early 2025.
By January 2025, Bitcoin had surged above $100,000, rapidly pushing tens of thousands of wallets over the millionaire mark. The explosion in high-value addresses reflected price-driven wealth, not necessarily long-term capital inflows.
Once prices cooled, so did the millionaire count.
Policy Tailwinds, Market Headwinds
Since taking office, Trump’s administration has moved swiftly to reshape the U.S. crypto landscape:
Pro-industry regulators were appointed across key agencies
Crypto legislation advanced in a Republican-controlled Congress
Longstanding barriers between banks and digital asset firms were eased
The administration openly embraced blockchain innovation
Trump and his family even launched crypto-related ventures, including mining initiatives and branded tokens—moves supporters framed as confidence signals, while critics flagged ethical concerns. The White House has repeatedly denied any conflicts of interest.
Yet despite all this, Bitcoin’s on-chain millionaire count continued to shrink.
A New Wave of Pro-Crypto Policy
Just last week, the administration doubled down.
President Trump signed an executive order urging regulators to remove barriers preventing 401(k) retirement plans from allocating funds to alternative assets like cryptocurrencies. If enacted, millions of Americans could gain regulated exposure to Bitcoin through retirement accounts.
He also nominated Stephen Miran, a known digital asset advocate, to the Federal Reserve Board of Governors, reinforcing the administration’s crypto-friendly trajectory.
In another executive move, Trump targeted the practice of “debanking”—where lawful crypto firms lose access to financial services. The Blockchain Association called the move a “historic shift” that could unlock growth and reduce systemic friction.
Meanwhile, the SEC added fuel to the optimism, clarifying that certain liquid staking models—such as those involving receipt tokens like stETH—are not securities.
SEC Chair Paul Atkins echoed a new tone, pledging to keep crypto innovation in the U.S. and move away from regulation by enforcement.
What the Data Is Really Saying
The loss of 25,000 Bitcoin millionaire addresses doesn’t signal crypto’s failure—it signals recalibration.
Much of the prior surge was driven by price inflation, not structural adoption. When prices pulled back, so did on-chain wealth. At the same time, the data shows that large, long-term holders remain firmly in place, suggesting conviction at the top end of the market.
In short:
Policy optimism is real
Market cycles still matter
Wealth built on price alone is fragile
As regulatory clarity improves and institutional channels open, the next wave of Bitcoin millionaires may look very different—fewer tourists, more long-term allocators.
The question now isn’t whether crypto has political support.
It’s whether markets are ready to turn that support into lasting value.