U.S. President Trump signed an executive order three months ago to include the Bitcoin seized by the Department of Justice in the "Strategic Bitcoin Reserve" (SBR). Against this background, Gemini and glassnode released a report this week, stating: This is not just a political gesture, but a watershed moment in rewriting global asset allocation rules.
Institutional Acceleration Shown by Data
The Gemini × glassnode report points out that 216 global centralized entities collectively manage 6.1 million Bits, accounting for 30.9% of circulating supply, with a 924% increase over ten years.
Among them, ETF holdings have exceeded 1.4 million Bits, with the largest holder being BlackRock iShares Bitcoin Trust, holding 665,638 Bits. On the corporate side, over a hundred companies, led by MicroStrategy, have included Bitcoin in their financial reports, gradually normalizing the practice.
"Our research finds that 216 centralized entities collectively hold 6.1 million Bits, valued at approximately $668 billion."
The report also notes that the annualized realized volatility of Bitcoin has been continuously declining since 2018, with its correlation coefficient with gold and Nasdaq falling to around 0.15, indicating that Bitcoin is becoming an independent asset class.
Volatility Convergence and Supply Squeeze
Additionally, the leverage effect model in the report shows that for every $1 of buying pressure from the U.S. Strategic Bitcoin Reserve, the short-term market value effect can be amplified to $25; in the long term, it contributes about $1.7 in structural value.
The market estimates that institutional holdings will rise to 4.2 million Bits by 2026, further squeezing the circulating supply. The reduced volatility has attracted trillion-dollar retirement funds to begin assessing positions, driving family offices to follow suit.
However, it is worth noting that this trend also increases risks. As the concentration of holdings increases, the market becomes more dependent on the decisions of a few institutions. For example, MicroStrategy's high-proportion holdings highlight that any large-scale reduction could trigger a chain reaction of selling pressure.
Key Points for Follow-up Observation
After the U.S. implemented the SBR, the market is watching whether other sovereign nations and state governments will replicate the model. Global regulatory differences remain the biggest variable. Investors need to pay attention to ETF fund flows, interest rate trends, and geopolitical dynamics. If liquidity continues to tighten, Bitcoin's long-term scarcity will be repriced.
