DUBAI — Bitcoin has lost roughly 25,000 millionaire addresses in the year since Donald Trump returned to the White House, despite a more crypto-friendly regulatory environment, according to new research by Finbold.
Blockchain data analyzed by Finbold from BitInfoCharts shows that at the time of Trump's January 2025 inauguration, 157,563 Bitcoin addresses held at least $1 million worth of BTC. By January 20, 2026, that figure had declined to 132,383, representing a drop of 25,180 addresses, or roughly 16% year over year.
The decline followed a broader boom-and-cooldown cycle. Bitcoin millionaire addresses continued to rise after Trump took office and peaked later in October 2025, when Bitcoin reached an all-time high just above $126,000, before retreating alongside prices 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 normalization rather than a collapse."
The pullback was less pronounced among top-tier holders. Addresses holding more than $10 million declined from 18,801 in January 2025 to 16,453 by January 2026, a smaller 12.5% decrease, suggesting greater resilience among the largest Bitcoin holders.
Bitcoin's price action reflects the same pattern. BTC traded at $102,016 on January 20, 2025, peaked above $126,000 in October 2025, and later retraced to $92,558 on 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 behavior, pointing to consolidation rather than widespread exit."
Finbold notes that blockchain data tracks addresses, not individuals. A single entity may control multiple wallets, while one address can represent pooled funds from many users. As such, address-level data does not equate to the number of individual Bitcoin millionaires but remains a widely used proxy for capital concentration and investor behavior.