Nearly one million Bitcoins locked in the vaults of listed companies, a long-term bull structure is taking shape—

I have previously written several articles about the possibility of Bitcoin entering a long-term bull market in this cycle, with a structured bull market:

Mainly, the $BTC structure is becoming more institutionalized and long-term, with most holdings not easily flowing, which may amplify the volatility of the bull market.

For example, the data in the image:

The top 100 listed companies hold a total of 962,939 Bitcoins, worth $11.23 billion, and this number is rapidly increasing!

I took a closer look—

The top 10 are almost all crypto-native enterprises (mining, exchanges, Bitcoin strategy companies), indicating that large-scale holdings are still concentrated in companies related to on-chain business.

In the latter half (ranked 50-100), there are more traditional industries or cross-industry companies (finance, technology, even coffee companies),

And most of this behavior has emerged this year, indicating that Bitcoin is gradually entering a broader corporate asset allocation perspective.

1) Nearly one million BTC are locked on the balance sheets of listed companies, equivalent to about 5% of the circulating supply. This portion of holdings has extremely low liquidity, leading to a long-term tightening of market supply.

2) Leading companies like MicroStrategy and MARA continue to increase their holdings, essentially forming a "corporate version of whales." Under the expectation of price increases, this centralization will amplify volatility.

Nearly one million Bitcoins are now locked in the vaults of listed companies, and the market's chip structure is evolving towards institutionalization and long-term holding.

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