PANews reported on June 12 that according to Cointelegraph, a joint research report by Gemini and glassnode shows that centralized institutions such as governments, ETFs, and listed companies currently hold 6.1 million bitcoins (approximately $668 billion), accounting for 30.9% of the total circulation, an increase of 924% compared to ten years ago, with nearly half of the assets held by centralized exchanges. The report points out that bitcoins obtained by governments of the United States, Germany, and the United Kingdom through law enforcement actions are not actively traded, but could potentially impact the market if moved. 61 listed companies collectively hold over 3% of the total supply, while private enterprise holdings are relatively dispersed.
The report indicates that the Bitcoin market structure is accelerating its institutional transformation. The top three institutions control 65%-90% of holdings in various sub-sectors, showing a highly concentrated characteristic. The report believes that although Bitcoin remains a risky asset, its price volatility tends to become more rational as traditional finance deepens integration, and market speculation behavior decreases. The trend of sovereign wealth funds and listed companies viewing Bitcoin as a strategic value storage is becoming increasingly apparent.
