According to recent research by Gemini and Glassnode, nearly one-third of the Bitcoin supply is held and controlled by centralized treasuries, with early participants also owning a disproportionately large share.
Researchers noted in a report released on Wednesday that centralized treasuries, including governments, ETFs, and publicly listed companies, now control 30.9% of the circulating Bitcoin supply, "indicating that Bitcoin is increasingly transitioning towards institutional-grade infrastructure."
The report states that the total amount of Bitcoin held by major institutions and custodial entities has surged to 6.1 million Bitcoins, worth approximately $668 billion at current prices, with the supply held by these entities growing by 924% over the past decade.
They indicated that the surge in Bitcoin holdings by treasuries, governments, and institutional funds suggests that these entities view Bitcoin as a strategic store of value. "During the same period, the spot price of Bitcoin has risen from under $1,000 to over $100,000, further reinforcing the view that institutions are increasingly seeing Bitcoin as a strategic asset."
Centralized exchanges hold the "largest share"
However, the chart also includes centralized exchanges, which hold about half of the Bitcoin, and these assets may represent holdings on behalf of individual clients and retail investors.
The report also pointed out that among all institutional categories, the top three entities control 65% to 90% of the total holdings in their respective categories, "indicating that early participants are still shaping the institutional market structure."
The report states that this level of concentration is most evident in decentralized finance (DeFi), publicly listed companies, ETFs, and funds.
"In contrast, the holdings of private companies appear to be more dispersed, reflecting a broader participation base," researchers said.
Earlier this month, Cointelegraph reported that 61 publicly listed companies collectively hold over 3% of the total Bitcoin supply.
Sovereign treasuries can impact the market
The research also found that sovereign treasuries' wallets "have an extremely low transfer frequency and are almost uncorrelated with Bitcoin price cycles." However, once these Bitcoins are transferred or sold, their holding size is sufficient to impact the market.
The report mentioned the government treasuries of the United States, China, Germany, and the United Kingdom, noting that most of the Bitcoin in these countries was obtained through law enforcement actions rather than market transactions. "These holdings constitute a structurally unique category—typically dormant, but once activated, they have the capacity to influence the market."
Transitioning to institutional maturity
The report concludes that nearly one-third of the circulating Bitcoin supply is now held by centralized treasuries, "indicating that the market has undergone a structural transition towards institutional maturity."
"Although Bitcoin remains a high-risk asset, its integration into the traditional financial system has made price movements more predictable, no longer overly reliant on extreme fluctuations in speculative sentiment," researchers said.
Related: Bitcoin bullish sentiment hits a seven-month high, BTC approaches all-time high
Original: “Gemini Report Reveals: Centralized Institutions Hold 31% of Total BTC Supply”
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