Yeliz Akmaca 
Bitcoin ownership structure is undergoing a decisive shift. New Glassnode data shows that nearly one-third of the circulating Bitcoin supply is now controlled by large entities. This trend signals a structural change in how Bitcoin supply and market influence are distributed.
Institutional Players Tighten Control Over Bitcoin Supply
Bitcoin ownership has become increasingly concentrated among institutions, custodians, and large holders in 2025. According to Glassnode, major entities now control approximately 5.94 million BTC. This figure represents close to 30 percent of the circulating Bitcoin supply. As a result, the influence of retail investors over available supply continues to decline.
Moreover, this concentration reflects Bitcoin’s transition into a maturing institutional asset. Large holders tend to accumulate with long-term strategies, which reduces liquid supply in the market. Consequently, price movements are increasingly shaped by institutional portfolio decisions rather than short-term retail flows. This shift also changes volatility dynamics across market cycles.
Why does it matter?
As Bitcoin supply concentrates in institutional hands, price discovery becomes more sensitive to corporate and fund-level decisions. This alters risk behavior and strengthens Bitcoin’s connection to traditional financial structures.
ETFs, Corporations, and Governments Accumulate BTC
Publicly listed companies currently hold around 1.07 million BTC. Strategy remains the dominant corporate holder with 660,624 BTC, far ahead of its peers. MARA Holdings follows with 53,250 BTC, while Twenty One Capital holds 43,514 BTC. Japan-based Metaplanet controls 30,823 BTC, closely followed by Bitcoin Standard Treasury Company and Bullish.
At the same time, US-listed spot Bitcoin ETFs collectively manage approximately 1.31 million BTC. Government wallets also play a notable role, holding an estimated 620,000 BTC. However, cryptocurrency exchanges remain the single largest category. Glassnode data shows exchanges holding roughly 2.94 million BTC, underscoring their central role in market liquidity.
Major Bitcoin holder categories
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Public companies with Bitcoin treasuries
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US spot Bitcoin ETFs
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Government-controlled wallets
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Centralized cryptocurrency exchanges
Price Pressure Persists Despite Institutional Confidence
Despite growing institutional accumulation, Bitcoin’s price action still reflects broader macro conditions. This week, BTC briefly dipped below the 90,000 dollar level amid weakness in the technology sector and ongoing macroeconomic uncertainty. This movement highlights Bitcoin’s continued correlation with risk assets.
Nevertheless, institutional conviction remains intact. Ark Invest, led by Cathie Wood, purchased 13,700 shares of its own Bitcoin ETF, ARKB, during the pullback. The acquisition, valued at roughly 417,000 dollars, signals sustained confidence. Meanwhile, Strategy has maintained its position in the Nasdaq 100 index for a full year, even as debate continues around the long-term sustainability of crypto treasury models.
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