Data: Centralized institutions hold 31% of Bitcoin’s circulating supply, equivalent to approximately $668 billion

According to a report by Cointelegraph, a Gemini research study reveals that centralized entities—including governments, exchange-traded funds, and publicly listed companies—currently control 30.9% of the circulating supply of Bitcoin, equivalent to approximately $668 billion. Based on research from Gemini and Glassnode, the total amount of Bitcoin held by these institutions has reached 6.1 million coins, representing a 924% increase over the past decade. Centralized exchanges account for about half of these holdings. The study also found that within each institutional category, the top three entities control between 65% and 90% of the total holdings, indicating that early adopters continue to shape the institutional market structure. The report notes that government-held Bitcoin wallets "rarely move and show little correlation with Bitcoin price cycles," but their substantial holdings could potentially impact the market. The research suggests that with nearly one-third of Bitcoin’s circulating supply now held by centralized institutions, the market is undergoing a structural shift toward institutional maturity.