Finbold’s Q1 2025 Cryptocurrency Market Report revealed that, between the January 20 inauguration and March 31, 34,737 Bitcoin (BTC) millionaire addresses were lost, for a total decrease of 19.70% of BTC wallets worth over $1 million.
Specifically, there were 176,364 BTC millionaires when Trump took office, with that number crashing to 141,627 at the end of the first quarter (Q1) of 2025.
Of these, addresses with between $1 million and $9.99 million worth of Bitcoin accounted for 30,000 losses. Simultaneously, the number of those with more than $10 million worth of the cryptocurrency collapsed by 4,737.
Crypto market optimism and turmoil under Donald Trump
The decline in the number of Bitcoin millionaires since Trump returned to the White House is a clear example of the difference between what was expected from the President-Elect and what the President delivered in the initial months of his term.
Indeed, Donald Trump’s re-election triggered a massive crypto rally, and by November 6, there were 11,000 more BTC millionaire addresses than just one month earlier.
Furthermore, between the victory and the inauguration, the number of Bitcoin millionaires increased by 43,816, showcasing the optimism prevalent at the time.
The Trump crypto bull cycle’s lasting impact
Still, as Jordan Major and Andreja Stojanovic, co-authors of the research, pointed out, the bullish sentiment has left a resilient mark:
“Despite the turmoil and the disappearance of nearly 35,000 BTC millionaires since the Inauguration, some of the initial optimism surrounding Trump’s White House return was still evident at the end of Q1 2025, with 9,079 more millionaire Bitcoin addresses than there were on November 6, 2024.”
It’s important to clarify that a single investor may control multiple Bitcoin addresses, while in other cases, several individuals may consolidate all BTC assets into one address.
Lastly, the changes in the total number of wealthy BTC addresses do not indicate complete entries to and exits from the crypto market under Trump, as Bitcoin’s price performance has, for the most part, seen similar fluctuations in Q4 2024 and Q1 2025.
