tl;dr
Centralized Bitcoin treasuries now hold 30.9% of the total circulating supply across 216 entities, including governments, ETFs, companies, exchanges, and DeFi contracts, reflecting growing institutional adoption. Major institutional holdings have increased 924% over the past decade, now totaling ove...
Centralized Bitcoin treasuries currently hold 30.9% of the circulating Bitcoin supply, marking a staggering 924% increase in institutional holdings over the past decade. This accumulation, now totaling over 6.1 million BTC across 216 entities, includes governments, ETFs, companies, exchanges, and DeFi protocols, signifying growing institutional adoption and market maturation.
Market structure analysis reveals that three dominant institutional players control between 65% and 90% of Bitcoin held by institutional entities. These early entrants have shaped Bitcoin’s legitimacy within traditional finance, while private company holdings remain more widely distributed. Custody is shifting notably from centralized exchanges to ETFs, funds, and DeFi protocols, with spot custodians maintaining steadier holdings between 3.9 and 4.2 million BTC since mid-2021. This transition reflects a reallocation of assets rather than a contraction in available supply and positions these custodians as influential actors capable of affecting Bitcoin’s short-term price movements.
Government-held Bitcoin inventories have grown considerably, primarily through legal seizures rather than market purchases. Noteworthy sovereign holders include the United States, holding over 200,000 BTC from enforcement actions such as the Silk Road case and the Bitfinex hack, some of which have been designated as a Strategic Bitcoin Reserve. Other countries like China, the UK, and Germany have also accumulated Bitcoin through criminal enforcement, with Germany recently liquidating its holdings. These dormant sovereign reserves represent a distinct category with potential market impact if mobilized.
Overall, the increasing concentration of Bitcoin supply in centralized treasuries and institutional hands underscores a significant evolution in the cryptocurrency’s ownership and custody landscape. This trend highlights a broader institutional embrace, positioning Bitcoin as an increasingly credible macro asset within regulated financial ecosystems.