A growing part of Bitcoin’s circulating range is now concentrated in the hands of large institutional players and centralized entities, a new one report by Gemini and Glassnode reveals.
According to the findings, more than 30% of Bitcoin’s range is now controlled by only 216 centralized holders in six important categories, including crypto fairs, ETFs and funds, listed companies, private companies, Defi protocols and government agencies.
216 entities have more than 6 million bitcoin
These entities together have around 6.1 million BTC, with a value of around $ 668 billion. This figure represents an almost ten -time increase in institutional Bitcoin ownership in the past decade.
Among these groups are centralized stock markets, led by Binance, good for the largest ankle share, with more than 3 million BTC under custody. In the meantime, listed companies, such as strategy (formerly MicroStrategy) and others, form the most business Bitcoin holders.
The report emphasized a concentration trend among the entities in many categories, whereby only the top three players between 65% and 90% of their total property checked. This dynamic is most clearly under ETFs, public companies and Defi-related companies, where early movers continue to dominate.
ETF’s impact
Another important trend that is identified in the report is the structural migration of Bitcoin from exchange portfolios and in institutional custody solutions, in particular ETFs.
In the past year, BTC -Saldi on centralized exchanges have gradually decreased, a development that some observers initially saw for signs of a supply.
Much of this Bitcoin, however, has moved to ETFs and regulated funds, in particular in the US based BTC ETFs.
The rise of Bitcoin ETFs has a considerably advanced institutional acceptance. Since their launch in 2024, these products have included some of the strongest inflow that will be seen for each financial product in the past decade, which means that more than 1 million BTC is collected.
BlackRock’s Ishares Bitcoin Trust (IBIT) in particular now has the second largest Bitcoin balance after the stock attributed to Satoshi Nakamoto.
What does this mean for the market?
As institutional capital deepens its presence, the market behavior of Bitcoin shifts. The report noted that the realized volatility of the Bellwether Crypto has fallen steadily since 2018.
Moreover, the launch of US Spot ETFS has further strengthened this stability, with a consistent inflow that offers a reliable source of liquidity.
As a result, Bitcoin is now entering a new duration phase, with its trade volumes that are increasingly present due to centralized fairs, ETFs and regulated derivatives markets instead of direct on-chain.
This evolution indicates that a market is more in line with traditional financial infrastructure.
In addition, the Glassnode and Gemini report suggests that this pattern reflects a more in -depth shift in how large financial institutions and government agencies view Bitcoin.
According to the report, BTC is increasingly being treated as a strategic value storage, especially in view of the dramatic price increase from less than $ 1,000 to more than $ 100,000 in the last ten years.
