By Ron Chen, Bureau Chief, Asia
Despite 2025 being widely framed as a breakthrough year for institutional cryptocurrency adoption, the number of Bitcoin millionaire addresses declined sharply over the course of the year, according to Finbold’s 2025 Cryptocurrency Market Report.
Finbold’s analysis shows that Bitcoin lost more than 7,000 millionaire wallets in 2025, as on-chain wealth increasingly concentrated among the largest holders. Between January 1 and December 31, the number of Bitcoin addresses holding at least $1 million fell by 7,485, leaving a total of 148,084 millionaire addresses by year-end.
Within that total, addresses holding $10 million or more actually increased, highlighting a clear divergence in on-chain wealth distribution. While mid-tier millionaire wallets declined, ultra-high-value addresses expanded, suggesting that Bitcoin wealth became more concentrated rather than more broadly distributed.
“What stood out in 2025 wasn’t a collapse in interest, but a reshuffling of ownership,” said Senior Analyst at Finbold Jordan Major. “Institutional capital continued to enter the market, but the benefits were increasingly captured by larger holders with longer time horizons, rather than smaller millionaire wallets that are more sensitive to volatility.”
On average, the net decline equates to roughly 21 Bitcoin millionaire addresses disappearing per day over the year.
A sharp reversal after mid-year recovery
The contraction was not linear. By the end of the third quarter, Bitcoin had added more than 20,000 millionaire addresses year-to-date, supported by strong price momentum earlier in the year. However, the final quarter saw a pronounced reversal that erased those gains and pushed the full-year figure into negative territory.
“While a single individual can control multiple addresses meaning wallet counts do not map directly to unique people, the trend remains a useful proxy for shifts in on-chain wealth,” said Diana Paluteder, Research Analyst at Finbold.
Compared with 2024, which saw more than 56,000 new Bitcoin millionaire addresses, 2025 marked a clear shift in on-chain dynamics. Rather than broad-based wealth creation, the year was defined by consolidation at the top.
Finbold’s analysis suggests that 2025 was less a year of mass enrichment and more a period of redistribution, reinforcing the view that Bitcoin’s maturation increasingly favors scale, patience, and long-duration capital.
