Centralization of BTC: Are Retail Investors Losing Power?
Gemini and Glassnode’s most recent analysis indicates that centralized treasuries hold and control almost one-third of Bitcoin’s supply. Conversely, the share of early adopters is disproportionate. Currently, 30.9% of the Bitcoin supply in circulation is held by central treasuries, which include governments, exchange-traded funds, and publicly traded corporations. According to the report, this indicates an increasing trend toward institutional-level infrastructure.
Report Reveals Alarming Concentration in Institutional Crypto Holdings
Additionally, the survey noted that the top three entities control between 65% and 90% of total holdings across all institutional categories, indicating that early adopters continue to influence the structure of institutional markets. According to the report, this concentration is especially noticeable in DeFi, publicly traded corporations, ETFs, and funds.
In contrast, private company holdings appear more distributed, reflecting a broader base of engagement,
the researchers
Silent Giants: U.S., China, Germany, and U.K. Control Market-Moving Bitcoin Reserves
The study also discovered that sovereign treasury wallets don’t move very often and don’t correlate well with fluctuations in the price of Bitcoin. But when coins are sold or moved, they have enough of the asset to affect markets. The majority of Bitcoin is obtained through legal enforcement measures rather than market participation, according to the government treasuries of the US, China, Germany, and the UK.
These holdings represent a structurally distinct class—dormant, but capable of moving markets when activated.
the researchers
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