Survey Reveals Centralized Holding of Bitcoin Supply
A recent study conducted by Gemini and Glassnode indicates that nearly one-third of the Bitcoin supply is under the control of centralized entities, with early adopters holding a notably uneven portion.
The centralized Treasury—comprising government bodies, exchange-traded funds, and publicly traded companies—currently manages 30.9% of the circulating supply of Bitcoin (BTC). This trend reflects a growing shift towards infrastructure that caters to institutional investors, according to the researchers behind the report released on Wednesday.
The total amount of Bitcoin held by significant institutions and custodians has surged to an impressive value of $6.1 million, showing a staggering 924% growth over the past decade.
This growth in Bitcoin holdings by Treasury, governmental, and institutional funds suggests that these entities regard the asset as a strategic store of value. The report noted that, during the same period, Bitcoin’s spot prices fluctuated vastly, ranging from below $1,000 to above $100,000. This volatility reinforces the idea that institutions consider Bitcoin a significant asset.
Central Exchanges Take a Major Share
Notably, a substantial portion of this Bitcoin is held in central exchanges, which account for nearly half of the total, primarily on behalf of individual clients and retail investors.
The analysis also revealed that among institutional holders, the top three entities command between 65% to 90% of their overall holdings. This concentration indicates that early adopters continue to shape the foundational structure of the institutional market.
This trend appears strongest among entities involved in public debt, corporations, ETFs, and similar funds.
“In contrast, ownership among private companies seems more evenly distributed, showcasing a broader base of engagement,” the researcher remarked.
Earlier this month, Cointelegraph noted that 61 publicly traded companies own over 3% of their Bitcoin supply.
Sovereign Treasury’s Potential Market Impact
The study also highlighted that Sovereign Treasury wallets show minimal correlation with Bitcoin’s price fluctuations. Nevertheless, they possess enough assets to influence the market when transactions occur.
It specifically referenced finance ministries in the US, China, Germany, and the UK, noting that the majority of BTC was acquired through legal actions rather than market activities.
“These holdings represent a distinctly structured class. While this may be unusual, once activated, they can significantly impact the market,” the report stated.
Shift Towards Institutional Maturity
The findings conclude that the market has witnessed structural shifts steering it towards institutional maturity, as close to a third of Bitcoin’s supply is currently pooled within the centralized Treasury.
“Bitcoin remains a risk-on asset; however, traditional financial integration has made price movements more stable and less subject to extreme speculation,” the researchers noted.
