According to ChainCatcher and Cointelegraph, the Gemini research report shows that centralized institutions (including governments, exchange-traded funds, and listed companies) currently control 30.9% of Bitcoin's circulating supply, reaching 6.1 million coins, approximately $66.8 billion, which has grown by 924% over the past decade. Among these, centralized exchanges hold about half of this share.
The report points out that government-held Bitcoin wallets "rarely move and have almost no correlation with Bitcoin price cycles," but holding sufficient assets could potentially influence the market. The research suggests that as nearly one-third of Bitcoin's circulating supply is held by centralized institutions, the market is experiencing a structural transformation towards institutional maturity.
