A growing share of Bitcoin’s circulating supply is now concentrated in the hands of major institutional players and centralized entities, a new report by Gemini and Glassnode reveals.
According to the findings, over 30% of Bitcoin’s supply is now controlled by just 216 centralized holders across six key categories, including crypto exchanges, ETFs and funds, publicly traded companies, privately held firms, DeFi protocols, and government bodies.
216 entities hold over 6 million Bitcoin
These entities collectively hold about 6.1 million BTC, valued at roughly $668 billion. This figure represents an almost tenfold increase in institutional Bitcoin ownership over the past decade.
Among these groups, centralized exchanges, led by Binance, account for the largest single share, with more than 3 million BTC under custody. Meanwhile, publicly traded firms, such as Strategy (formerly MicroStrategy) and others, comprise the most numerous corporate Bitcoin holders.
The report highlighted a concentration trend among the entities in many categories, with just the top three players controlling between 65% and 90% of their total holdings. This dynamic is most apparent among ETFs, public companies, and DeFi-related holdings, where early movers continue to dominate.
ETFs impact
Another major trend identified in the report is the structural migration of Bitcoin out of exchange wallets and into institutional-grade custody solutions, particularly ETFs.
Over the past year, BTC balances on centralized exchanges have gradually declined, a development some observers initially mistook for signs of a supply squeeze.
However, much of this Bitcoin has moved into ETFs and regulated funds, particularly US-based spot BTC ETFs.
The emergence of Bitcoin ETFs has significantly advanced institutional adoption. Since their launch in 2024, these products have recorded some of the strongest inflows seen for any financial product in the past decade, accumulating over 1 million BTC.
Notably, BlackRock’s iShares Bitcoin Trust (IBIT) now holds the second-largest Bitcoin balance after the stash attributed to Satoshi Nakamoto.
What does this mean for the market?
As institutional capital deepens its presence, Bitcoin’s market behavior is shifting. The report noted that the bellwether crypto’s realized volatility across all time frames has steadily declined since 2018.
Moreover, the launch of US spot ETFs has further reinforced this stability, with consistent inflows providing a reliable source of liquidity.
As a result, Bitcoin is now entering a new maturity phase, with its trading volumes increasingly occurring through centralized exchanges, ETFs, and regulated derivatives markets rather than directly on-chain.
This evolution signals a market becoming more aligned with traditional financial infrastructure.
Moreover, the Glassnode and Gemini report suggests this pattern reflects a more profound shift in how large financial institutions and government bodies view Bitcoin.
According to the report, BTC is increasingly treated as a strategic store of value, especially given its dramatic rise in price from under $1,000 to over $100,000 in the past ten years.
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