According to a new report from Gemini and Glassnode, the increase in Bitcoin’s circular supply is currently concentrated in the hands of key institutional players and centralized entities.
According to the survey results, over 30% of Bitcoin supply is managed by just 216 centralized holders across six major categories, including crypto exchanges, ETFs, funds, public companies, private companies, Defi protocols and government agencies.
216 Entities own more than 6 million Bitcoins
These entities collectively hold about 6.1 million btc, valued at around $668 billion. This figure represents an almost ten-fold increase in institutional Bitcoin ownership over the past decade.
Of these groups, the central exchange led by Binance accounts for the largest single share, with over 3 million BTC in detention. Meanwhile, public companies such as Strategy (previously MicroStrategy) are made up of the largest number of corporate Bitcoin holders.
The report highlights the concentration trends among entities in many categories, with only the top three players controlling 65% to 90% of their total holdings. This dynamic is most prominent among ETFs, public companies, and rebellious holdings that early movements continue to dominate.
The impact of ETFS
Another major trend identified in the report is the structural transition of Bitcoin from exchange wallets, and facility-grade custody solutions, particularly ETFs.
Over the past year, BTC balances for centralized exchanges have gradually decreased, with some observers initially mistaken for signs of supply squeezing.
However, much of this Bitcoin has moved to US-based Spot BTC ETFs, ETFs and regulatory funds, particularly those based in the US.
The emergence of Bitcoin ETFs has significantly increased the adoption of facilities. Since its launch in 2024, these products have recorded some of the most powerful influxes seen in any financial product over the past decade, accumulating over 1 million BTC.
In particular, BlackRock’s Ishares Bitcoin Trust (IBIT) holds the second-largest Bitcoin balance after the stash caused by Nakoshi Satoshi.
What does this mean for the market?
As institutional capital deepens its existence, Bitcoin’s market behavior is changing. The report noted that since 2018, the realized volatility of full-scale crypto across all time frames has steadily declined.
Additionally, the launch of the US Spot ETF further enhances this stability, with consistent inflows providing a reliable source of fluidity.
As a result, Bitcoin is currently in a new stage of maturity, with its trading volume increasingly occurring through centralized exchanges, ETFs and regulated derivatives markets rather than directly on-chain.
This evolution shows a market that is more consistent with traditional financial infrastructure.
Furthermore, GlassNode and Gemini reports suggest that this pattern reflects a deeper shift in how financial and government institutions view Bitcoin.
According to the report, BTC is increasingly being treated as a strategic reservoir of value, especially given the dramatic rise in prices from under $1,000 to over $100,000 over the past decade.