There is a stark difference between the hopes for a strong cryptocurrency market and economic prosperity expected of Donald Trump’s re-entry into the White House and the turmoil that has been prevailing since the January 20 inauguration.
Finbold’s Q1 2025 Cryptocurrency Market Report uncovered that the number of Bitcoin (BTC) millionaire addresses dropped by nearly 20% between the time Trump officially took over and March 31, the end of the first quarter.
Specifically, on January 20, 2025, there were 176,364 addresses with more than $1 million worth of BTC, while the number collapsed to 141,627 by the time Q1 was over, as Finbold calculated using data from BitInfoCharts and via the Internet Archive.
In total, 34,737 millionaire addresses disappeared in just over two months. The number of those wallets holding between $1 million and $9.99 million collapsed by exactly 30,000, and of those with more than $10 million by 4,737.
Trump and crypto
The difference between the change in the number of BTC millionaires between President Trump’s inauguration and the end of Q1 and the total change during Q1 reveals the actual dynamic in the cryptocurrency market, as well as the difference between the hopes and the reality.
On March 31, there were 13,942 fewer addresses with more than $1 million worth of Bitcoin than on January 1, as their number fell from 155,569 to 141,627. Finbold’s data simultaneously reveals the optimism in the leadup to Trump’s re-entry into the White House, as there were 20,795 more BTC millionaires on January 20 than at the start of 2025.
Furthermore, the accumulation in the initial three weeks of the year proved a continuation of a trend observable since Q4 2024, as Finbold research uncovered on November 6 that, within just one month, starting on October 7, as many as 11,000 new BTC millionaires emerged.
Lastly, if the Trump presidency wiped out approximately 20% of all Bitcoin millionaire addresses in Q1, having erased 34,737, his re-election generated 43,816, increasing the number by about 33%.
Nevertheless, some of the initial positive impact of the New Yorker’s White House return could still be felt at the end of Q1 2025 as there were, even after the turmoil and loss, 9,079 more BTC millionaires than on November 6, 2024.
Why Trump’s presidency erased 34,000 Bitcoin millionaires
It is worth noting that the number of Bitcoin millionaire addresses is not an exact measure, given that a single investor can be associated with multiple addresses, and multiple traders can pool their resources into one.
Furthermore, the addition and disappearance of BTC holders with more than $1 million – or with any other amount – does not necessarily indicate people making new entries to or exits from the cryptocurrency markets.
Digital asset prices can have a great bearing on the wealth of investors, and BTC’s price performance, for the most part, mirrors the changes in the number of recorded addresses.
On November 6, 2024, Bitcoin was changing hands at $75,623. By January 1, 2025, it rose 24.81% to $94,386 and then another 7.82% to $101,768 on January 20. Lastly, BTC’s price plunged 18.92% between Trump’s inauguration and March 31 as the world’s premier cryptocurrency ended Q1 at $82,512.
