A recent report from 'Gemini' stated that centralized entities - such as governments, ETFs, public and private companies, trading platforms, and DeFi entities - now hold 30.9% of the total circulating supply of Bitcoin, equivalent to 6.15 million Bitcoin, reflecting a growth of 924% over the past decade.
This concentration reflects the breadth of institutional adoption and market maturity.
The report, which was shared by 'Glassnode', indicated that only three entities dominate the largest share of institutional holdings, between 65% to 90% in each category.
In contrast, holdings among private companies have become more widely distributed, indicating a gradual adoption from a broader base.
Custody services have shifted from trading platforms to ETFs and decentralized protocols, without reducing supply, but rather redistributing it.
Institutional holdings have remained stable between 3.9 and 4.2 million Bitcoin since June 2021, but they play a significant role in price volatility, given their sensitivity to large incoming and outgoing flows.
Sovereign Bitcoin Reserve:
Government holdings have also increased, particularly through legal seizures, as in the United States (over 200,000 Bitcoin), the United Kingdom, China (194,000 Bitcoin in the PlusToken campaign), and Germany, which recently liquidated its entire holdings.
A portion of the U.S. government's holdings was converted into a strategic Bitcoin reserve by an executive order signed by former President Donald Trump.
Despite the inactivity of these sovereign reserves, their potential movement represents a significant market factor.
The new ownership structure of Bitcoin clearly indicates an increasing dominance of institutions, reshaping the balance between individual investors and central players in the first digital currency landscape.
