Bitcoin’s Millionaire Exodus: Regulatory Paradox Amid Bullish Policy Shift

A surprising trend has emerged during the first year of Donald Trump's presidency: despite the administration's overtly pro-cryptocurrency regulatory stance, the number of bitcoin addresses holding over $1 million in value has declined by 16%. Blockchain data from January 2025 to January 2026 shows a drop from 157,563 to 132,383 million-dollar wallets, representing a loss of 25,180 addresses from this elite cohort. This contraction presents a paradox, as a regulatory environment perceived as favorable would typically correlate with wealth concentration and increased high-net-worth participation. The decline appears to have disproportionately affected smaller 'whales'—those at the lower end of the million-dollar spectrum. This suggests a dynamic where market volatility, potential profit-taking, or portfolio rebalancing impacted holders who recently crossed the million-dollar threshold more significantly than established, ultra-large holders. The trend underscores that regulatory sentiment is just one factor in wealth distribution; price action, macroeconomic conditions, and individual investor behavior play equally critical roles. From a professional practitioner's bullish perspective, this data point is not necessarily a bearish signal for Bitcoin's long-term trajectory. It could indicate healthy market churn, where early investors are taking profits and redistributing coins to a broader base of new entrants—a process that can strengthen the network's foundation. The pro-crypto shift under Trump, likely involving clearer frameworks and institutional acceptance, sets the stage for the next wave of adoption. This wave may rebuild the millionaire cohort with a different composition, potentially including more institutionally-managed addresses and ETFs, rather than just individual whales. Looking ahead to 2026 and beyond, the key metrics to watch will be whether this decline stabilizes and reverses as the regulatory clarity translates into increased institutional investment and product innovation. The target for Bitcoin remains significantly higher, driven by its hardening monetary properties, global adoption as a digital reserve asset, and its role in the burgeoning decentralized finance ecosystem. Short-term fluctuations in address wealth distribution are common in a maturing asset class; the foundational bullish thesis, supported by a improving regulatory landscape, remains firmly intact.

Bitcoin Millionaire Addresses Decline Despite Regulatory Shift Under Trump

Bitcoin's millionaire cohort has shrunk by 16% during the first year of Donald Trump's presidency, with 25,180 addresses falling below the $1 million threshold. Blockchain data reveals a drop from 157,563 to 132,383 million-dollar wallets between January 2025 and January 2026—a paradoxical trend given the administration's pro-crypto stance.

The erosion disproportionately affected smaller whales. Addresses holding $1-$10 million in BTC saw steeper declines than those above $10 million, suggesting deeper pockets weather volatility better. The most resilient cohort—holders of $10 million-plus—declined just 12.5%, from 18,801 to 16,453 addresses.

Notably, the bulk of Bitcoin's millionaire growth occurred pre-2025. This contraction contrasts with expectations of wealth accumulation amid clearer regulations, revealing how macroeconomic forces can override policy tailwinds.

Strive Announces $150M Capital Raise to Expand Bitcoin Treasury Operations

Asset manager Strive unveiled plans for a $150 million follow-on offering of its Variable Rate Series A Perpetual Preferred Stock, with proceeds targeting Bitcoin accumulation and debt reduction. The Dallas-based firm currently holds 12,798 BTC (worth approximately $534 million at current prices) as part of its strategic pivot toward becoming a Bitcoin-focused treasury vehicle.

The capital raise coincides with historic on-chain Bitcoin movements, where CryptoQuant reports 2024-2025 saw the largest long-term supply release in BTC's history. Analysts note this reflects a fundamental shift from early halving-cycle holders to new entrants driven by macroeconomic factors and liquidity conditions.

Strive will deploy funds alongside cash reserves and proceeds from terminating capped call transactions tied to Semler Scientific's $4.25% Convertible Senior Notes due 2030. The company explicitly stated proceeds will service convertible note obligations while expanding its Bitcoin position.

Bitcoin Whales Accumulate Amid Market Volatility

Bitcoin reclaimed the $90,000 threshold briefly before settling into volatile trading patterns. Despite price fluctuations, on-chain data reveals large holders (whales and sharks) are accelerating accumulation.

Santiment's analytics show sustained buying activity among high-net-worth investors even as BTC dipped to $89,400. This contrasts with traditional safe-haven assets like gold and silver, which saw increased demand during the same period.

The persistent accumulation by major holders suggests underlying confidence in Bitcoin's long-term value proposition, potentially signaling strategic positioning ahead of a market shift.

Michael Saylor Signals Further Bitcoin Accumulation as MicroStrategy Expands Holdings

MicroStrategy Executive Chairman Michael Saylor hinted at additional Bitcoin purchases in a Thursday social media post, reinforcing the company's reputation as Wall Street's most aggressive corporate BTC accumulator. "Thinking about buying more bitcoin," Saylor wrote on X, hours after MicroStrategy disclosed a $2.13 billion purchase of 22,305 BTC at an average price of $95,284 per coin.

The latest acquisition, funded through at-the-market equity sales, brings MicroStrategy's total holdings to 709,715 BTC acquired at an average $75,979 per coin. This represents a $53.92 billion bet on Bitcoin despite the cryptocurrency trading 30% below its 2025 all-time high. Bitcoin currently changes hands NEAR $88,800, down 0.3% over 24 hours amid broader market consolidation.

Arthur Hayes on Crypto's New Era: Revenue Over Speculation

The freewheeling days of easy crypto profits may be ending, according to BitMEX co-founder Arthur Hayes. In a candid interview, the Maelstrom CIO argues that sustainable revenue—not hype—will separate survivors from casualties in the next market cycle. His warnings come as Bitcoin struggles to breach $100,000 amid persistent altcoin weakness.

Hayes reveals a fundamental shift in investment strategy, with Maelstrom now targeting cash-flowing crypto infrastructure businesses. "We're buying scaled operations with defensible economics," he states, describing a pivot toward traditional financial metrics. This approach contrasts sharply with the speculative frenzy that dominated previous bull markets.

The market landscape appears to validate Hayes' thesis. Bitcoin's dominance holds firm near 59%, while the Altcoin Season Index shows most tokens languishing. "Much of the altcoin market remains a graveyard," Hayes observes, suggesting stablecoins and trading venues with real economic moats will consolidate power—especially under tightening U.S. regulations.

Bitcoin Enters Loss Realization Phase as On-Chain Profit Dynamics Flip Negative

Bitcoin holders have entered a net realized loss phase for the first time since October 2023, according to CryptoQuant. Annual net realized profits have plummeted to 2.5M BTC, mirroring levels last seen in March 2022—the onset of the previous bear market.

Since December 2025, investors have realized losses totaling approximately 69,000 BTC, marking a stark departure from the profit-taking behavior that dominated most of the past year. This shift signals weakening market conviction, with failed price recoveries failing to sustain momentum.

Realized profit momentum has deteriorated consistently since early 2024, forming a series of lower peaks—January 2024, December 2024, July 2025, and October 2025. The pattern suggests deepening bearish sentiment among holders.