Large institutions have concentrated almost 30% of Bitcoin's supply — Glassnode

Glassnode analysts reported that public companies, governments, exchange-traded funds, and exchanges account for 29.8% of the total Bitcoin (BTC) supply in circulation. The combined holdings of these entities reached a record 5.94 million BTC, highlighting the growing interest of institutional investors in the world's first cryptocurrency.

Public Company Share

Public companies hold the largest share of Bitcoin, accumulating 1.07 million BTC. The largest holder is Strategy, which manages 650,000 BTC, worth $58.8 billion at the current price, representing approximately 3% of the total supply. The top three also include MARA Holdings with 52,850 BTC ($4.7 billion) and Twenty One Capital with 37,229 BTC ($3.3 billion).

Top 10 Bitcoin Holders Among Public Companies

Currently, 190 public and private companies are accumulating Bitcoin. The amount of Bitcoin on their balance sheets has grown by 448% since January 2023, indicating a significant increase in interest from institutional investors.

Exchange and ETF Share

Exchanges are the second largest Bitcoin holders, holding 2.94 million BTC. Spot exchange-traded funds (ETFs) have accumulated 1.31 million BTC. The majority of this supply is concentrated in the iShares Bitcoin Trust from asset manager BlackRock, which holds 777,485 BTC worth $70.3 billion. A similar vehicle from Fidelity, the Wise Origin Bitcoin Fund, has accumulated 202,425 BTC worth $18.3 billion. Grayscale's Bitcoin Trust holds the third-largest amount of BTC, holding 167,010 BTC worth $15.1 billion.

Top 10 Bitcoin ETF Holders

Government Share

Governments of various countries hold 0.6 million BTC. The US leads the way with 198,012 BTC worth $17.9 billion. China holds 194,000 BTC worth $17.5 billion, and the UK is third with 61,245 BTC worth $5.5 billion.

In Conclusion

The concentration of nearly 30% of Bitcoin's supply in the hands of large institutions underscores the growing interest in cryptocurrencies among public companies and governments. This could have a significant impact on the market, especially given the changing macroeconomic environment and increasing volatility. Institutional investment continues to shape the future of Bitcoin and its role in the global financial system.