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Bitcoin Ownership by Country: Lost, Dormant, and Active Coins Explained
Bitcoin Ownership by Country – As Bitcoin continues to captivate investors worldwide, control of the circulating Bitcoin supply reveals some intriguing regional dynamics in 2025. According to expert Fred Krueger, the United States holds the largest share, followed by India and Europe, painting a clear picture of global Bitcoin ownership.
United States: The Bitcoin Powerhouse
The U.S. leads with a staggering 7.8 million BTC under its belt, representing 40% of the total 19.5 million BTC in circulation. This dominance is driven by a diverse mix of retail investors, institutional funds, Bitcoin ETFs, and custodial services. At a valuation of $120,000 per BTC, U.S. holdings are valued at an eye-watering $936 billion. Even though Bitcoin currently trades below this mark, the surge in regulated products, especially Bitcoin ETFs, highlights a growing adoption trend. For instance, U.S. Bitcoin ETFs alone saw net inflows of $6.02 billion in July 2025, marking one of the strongest months on record.
India’s Retail Boom Secures Second Place
India holds about 1 million BTC, accounting for 5.1% of the circulating supply and valued at approximately $120 billion. Despite regulatory uncertainties, India’s Bitcoin community thrives, largely powered by retail investors with smaller average holdings. This rapid expansion puts India ahead of Europe, China, and other regions.
Europe, China, and Others: The Contenders
Europe controls around 900,000 BTC (4.6%), worth $108 billion, with mixed retail and institutional ownership but still trailing India. China’s government wallets hold about 194,000 BTC (1%), primarily seized coins that remain dormant, valued at $23.3 billion. Latin America and Asia (excluding India and China) each hold roughly 400,000 BTC (2.1%), with grassroots usage driving demand. Africa and other regions combine for 300,000 BTC (1.5%).
Dormant and Lost Bitcoin Shrinks Active Supply
A significant chunk of Bitcoin is locked away: about 3 million BTC (15.4%) are believed lost forever due to lost keys or inactive wallets. The legendary Satoshi Nakamoto’s wallets contain 1.1 million BTC (5.6%) which have never moved. Additionally, 1.5 million BTC (7.7%) have been dormant for over a decade, likely held by early adopters. Together, these reduce the active supply by nearly 29%, impacting liquidity and market dynamics.
