Bitcoin Millionaires Decline as Trumps Policies Shake Markets
November 6, 2024, was a milestone for Bitcoin (BTC) investors, with Trumps re-election creating 11,000 new BTC millionaires and fueling months of market gains. However, since his return to office, the trend has reversed. Within a month, 22,000 millionaire addresses disappeared, and by March 21, the total decline reached 32,647. This marks an 18.51% drop since inauguration, with 544 millionaire addresses vanishing daily.
Bitcoin Wealth Shrinks Amid Market Uncertainty
On January 21, there were 157,563 BTC addresses holding between $1 million and $9.99 million, alongside 18,801 wallets with over $10 million. By March 21, those figures dropped to 129,477 and 14,240, respectively, reducing the total from 176,364 to 143,717. The decline extended to wallets of all sizes, not just millionaire accounts.
Whats Driving the Decline?
Trumps aggressive tariff policies have fueled global trade tensions, unsettling risk assets like Bitcoin. In contrast to the post-election rally, gold surged past $3,000 by March 2025, while BTC struggled to hold the $80,000 range. Stock indices like the S&P 500 and Dow Jones also posted year-to-date losses.
Even bullish news, such as the SEC dropping its case against Ripple Labs, failed to trigger lasting gains. Alongside price drops, heavy profit-taking by large investors has added to the pressure, signaling a potential shift into a bearish market.
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