30.9% of the Bitcoin is locked by the 'National Treasury', how far can decentralization go?

A report released by Gemini in collaboration with Glassnode reveals that centralized forces are quietly reshaping the Bitcoin ecosystem. ETFs, institutions, and government agencies have already controlled nearly 30% of the circulating supply, with over 70% of the transfer volume concentrated on regulated platforms.

Bitcoin's volatility continues to decline, gradually becoming 'financialized', and even evolving into a strategic allocation tool for certain countries. The report also points out that such sovereign holdings could lead to a short-term market capitalization expansion of up to 25 times.

We are at a historical crossroads: should we return to freely distributed on-chain assets, or will we be gradually integrated into institutional frameworks?

Do you see this as the maturation of Bitcoin, or a shift in the 'decentralization ideal'? See you in the comments.