The Rich Are Fleeing - Here’s Why?

One of the many, many advantages the rich have over the rest of us is that, if they don’t like the place where they’re living, they can just up sticks and leave. Not enough sunshine? Roads not suitable for the Lamborghini? Tax regime a little too punitive? Well, there are plenty of places rich folks can relocate to that are much more amenable.

As governments across the world try to extract more money from their wealthiest citizens, many of the latter are jumping on the jurisdictional arbitrage trade. The great millionaire migration is underway with one country’s loss becoming another’s gain, as the rich opt to spend their money and build their lives elsewhere. Some say good riddance, while others mourn the loss of business and trickle-down capital.

In today’s video, we unpack the largest wealth migration in modern history. We look at which countries are losing millionaires, which countries are gaining them and what factors are causing the rich to vote with their feet. And we ask: is this really all just about money, or is there something else at play?

You can watch that video here.

📈 Crypto Market Forecast 📈

July was a big month for crypto. BTC closed at a record high, ETH closed at a whopping 55% gain, and many (not all) altcoins saw strong rebounds from their spring lows. While August seems to be off to a rough start, history suggests it should be another big month. That’s because the August in post-halving years has historically closed green, per our recent update.

As you may have heard, the main reason why August started off in the red was because of Trump’s finalized tariffs, which went into effect on Friday, August 1st. What you may not have heard is that Trump said he will significantly increase tariffs on countries doing business with Russia if there is no ceasefire in Ukraine by the end of this week, specifically Saturday.

It goes without saying that this could be a catalyst for a continuation lower in both crypto and stocks. This begs the question of whether there are any bullish catalysts that could trigger a recovery and a continuation higher. If you’ve been paying attention, you’ll already know the answer: OpenAI will reportedly be launching GPT-5 sometime in early August.

To refresh your memory, the primary reason why stock market indices like the S&P 500 have been rallying is because of tech stocks. In turn, the primary reason why tech stocks have been rallying is because of AI, and crypto tends to be highly correlated to both stock market indices and tech stocks. We saw this last week when crypto bounced on robust big tech earnings.

It’s not just tech stocks that the launch of GPT-5 would boost either. It could result in increased optimism around economic growth, since it’s assumed that more advanced AI models means more productivity. For context, many economists are bearish on the US economy due to tariffs. The launch of GPT-5 could cause them to flip bullish, especially if it does help with productivity.

This brings us to all the bullish crypto announcements we got over the last week. To bring you up to speed, the SEC announced an initiative called ‘Project Crypto’, which encourages merging TradFi with crypto. But the uncertainty around tariffs meant investors were hesitant to allocate to risk assets like crypto, just like we saw earlier this year.

Although it’s disheartening to see these announcements go by unnoticed, the fact is that they do matter, especially when they set the stage for additional announcements. In case you forgot, the SEC is expected to introduce a temporary exemptive order that will legalize everything crypto-related in the US for a limited time. We should see it posted here when it’s announced.

Besides tariffs, GPT-5, and more announcements from the SEC, there don’t seem to be any major macro or crypto catalysts that could come up in the next week. On balance, the blend appears to be bearish, which foreshadows more downside. Even so, it’s important to remember that nothing goes down only - we are likely to see short squeeze-driven bounces along the way.

The good news is that once the sentiment and positioning has been reset, the crypto market will be able to continue a more sustainable rally that can potentially last longer and hit higher highs. Consider that major altcoins like ETH, SOL, and SUI are trading at the prices they were in early 2024 and late 2024 when crypto was rallying, but sentiment and positioning has been reset.

This means that they could all rally for weeks or even months before sentiment gets too bullish and traders get too greedy. Judging by how horrible the sentiment is after an objectively big July, it really does look like August will be even bigger, but let’s not get ahead of ourselves just yet.

🏦 Altcoin Treasury Companies 🏦

Move over Strategy, there’s a new crop of crypto treasury companies (CTCs) in town. Data from The Block shows that the cumulative market cap of CTCs has grown by almost 400% in just over a year – from $40B in July 2024 to $160B in July 2025.

At first glance, it looks like most of this growth has been predominantly led by the accelerating market cap of Bitcoin treasury firms – often making up nearly 98% of the cumulative market cap of CTCs. Speaking of which, Strategy (formerly MicroStrategy) alone accounted for (on average) nearly 85% of the cumulative market cap of all Bitcoin treasury companies. In fact, for nearly a year this trend remained largely unchanged.

However, a closer look at the charts reveals that since April 2025 the contribution of other Bitcoin treasury companies and altcoin treasury companies towards the cumulative market cap of CTCs has been rapidly rising. Specifically, since April, the contribution of other BTC treasury companies to the cumulative market cap has grown from 15% to 25%, while altcoin treasury companies (those that hold ETH, SOL, HYPE, SUI or even DOGE) have seen a 10x growth in market cap. Case in point, the cumulative market cap of just SOL and ETH treasury firms grew from roughly $1B in April 2025 to a peak of almost $10B in July 2025.

While the number of BTC treasury firms continue to grow, it is also clear that there’s more demand for altcoin treasuries. In more recent weeks, this has translated to a 50% price gain for ETH amid aggressive buys from Ethereum treasury firms like SharpLink Gaming, BitMine Immersion and The Ether Machine. That said, the public sentiment for this growing trend in altcoin treasury firms remains divided.

For instance, The Ether Machine’s Andrew Keys believes native yield-generating assets like ETH are more suited for corporate treasury strategies than BTC. This view is partially echoed, albeit in a more refined manner, by other Ethereum natives such as the Obol collective and Galaxy Digital, who note that Ethereum’s inherent staking and DeFi capabilities, with active participation from institutional investors such as SharpLink Gaming and BitMine, could transform it into a trillion-dollar asset.

On the other hand, there are also investors who believe the rise of altcoin treasury companies is a shallow trend led by ulterior motives. Some attribute it to being a pitiful attempt by dying business to gain new relevance by promising higher returns via replicating the Strategy playbook with more volatile altcoins. Others believe it’s a short term grift that provides new ways for large altcoin whales to exit while dumping on retail investors.

Specifically, as X user Viktor notes, most publicly listed altcoin treasury companies often raise funds that are multiples of their current market cap through private investment in public equity (PIPE), or at-the-market (ATM) offerings. These offerings, which dilute existing shareholders, offer institutional investors an entry almost on par with the Net Asset Value (NAV) of the shares. While this limits their theoretical downside, it gives them a huge upside when the news of the investment and treasury strategy is made public. After all, shares of the CTCs often trade at a premium to NAV due to speculative frenzy from retail investors. Viktor notes that this frenzy offers institutional investors in CTCs an opportunity to use retail investors as exit liquidity.

Viktor also notes that prospective treasury firms sometimes acquire altcoins directly from investors in exchange for shares in the company. He claims this offers the whale investors a clean exit from their altcoin positions (including locked tokens) while avoiding public panic over a narrative of the whale “dumping” their position.

On that note, some believe an unravelling of this narrative may start sometime between September and November. Specifically, Hypershere Ventures analyst Micah Casella notes that we may already be at the tail end of the CTC trend. As noted earlier, the altcoin treasury company trend appears to have started gathering steam sometime in April. Similarly, Casella notes that demand for altcoin treasury deals started outpacing the supply of these vehicles in June. He expects the bulk of these PIPE investors to unlock their equity holdings starting from August (the typical unlock timeline is between four and six weeks from investment).

With the float for the shares of these companies suddenly rising from 2% to 95%, he expects most PIPE investors to book profits in an attempt to front-run peers. In other words, there’s a bloodbath on the horizon. That said, the more resilient among these treasury firms (i.e., the likes of Strategy, Metaplanet and SharpLink) will likely weather the storm, while weaker peers fold by abandoning their treasury strategies in full.

If you’re betting on those crypto treasury companies, it might be wise to hedge those bets in some way…

🔥 Hot Deal Of The Week 🔥

With the current market dip, now could be a good opportunity to reposition and top-up your portfolio for the next leg up! To do that, you’ll of course need a top-notch exchange with a massive selection of altcoins, a fast fiat on-ramp and great trading fees to make sure you get the most crypto possible.

OKX has been one of our go-to exchanges for awhile and ticks all the boxes. We’ve also been able to get you guys an exclusive 40% spot trading fee discount for life and a bonus of up to $60k!

Lifetime deals don’t usually last for long and for good reason - they are not typically super profitable. The classic example of a lifetime deal costing a business a pretty penny is the American Airlines deal, which allowed customers to fly first class for life for a one off cost of $250,000. One guy managed to rack up £21 million in flights on that deal!

👉 Secure that lifetime trading discount on OKX whilst you can.

🔮 Video Pipeline 🔮

* Top 5 Launchpads: The leading options for you to look at!
* Is AI Making You Dumb? How excessive use of AI might be rewiring your brain?
* The End Of Capitalism: Does inequality and debt signal an end to capitalism?
* Why Crypto Crashing? The key reasons behind the current market dip!
* Why Is Crypto Pumping? Drivers behind market rallies & how you can use them?

🏆 What's New at CoinBureau.com This Week? 🏆

* Wormhole In Crypto Explained: Bridging Blockchains for Seamless Interoperability
* Is Solayer Worth It? An Honest Review of Its Capabilities
* In-Depth Nexo Review: Is This the Right Crypto Lending Platform for You?
* Exploring Atomic Wallet: Should You Trust This Non-Custodial Wallet?
* The Clash of Assets: Cryptocurrency and Gold Compared
* Exploring Bitcoin DeFi: Benefits, Risks, and Future Trends
* Learn from the Best: Top Crypto YouTube Channels You Should Watch

📖 Quote of the Week 📖

This bull market is the opportunity of a lifetime - so let’s make sure we make the most in the lifetime of the opportunity.

“Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.” - Warren Buffet

Team Coin Bureau

Disclosure: Authors may own cryptoassets named in this newsletter. These are unqualified opinions, and a Coin Bureau newsletter, is meant for informational purposes only. It is not meant to serve as investment advice. Please consult with your investment, tax, or legal advisor.