A new study by Gemini and Glassnode reveals that centralised entities control 30.9% of all bitcoins. Governments, ETFs and corporations are dramatically changing the nature of the originally decentralised cryptocurrency towards an institutional infrastructure.
Institutional takeover reaches a critical point
Current data shows that 30.9% of all available Bitcoin is controlled by governments, ETF funds and corporations. This trend represents a fundamental transformation of the originally decentralised cryptocurrency towards an institutional infrastructure.
The total volume of BTC held by large institutions and custody platforms has reached 6.1 million tokens, which at current market prices corresponds to a value of approximately $668 billion. Over the past ten years, the share of institutionally held Bitcoin has grown by a remarkable 924%.
Strategic value attracts big players
A growing number of investors and corporations see Bitcoin as a key tool for preserving value. This shift in perception is reflected in the massive increase in the volume of BTC accumulated by government institutions, investment funds and other major entities.
Centralised cryptocurrency exchanges account for a significant portion of these volumes, owning roughly half of the aforementioned reserves. However, it is important to note that these funds mostly represent the assets of individual users and smaller investors.
Concentration of power among early investors
The analysis reveals that the three largest holders in each institutional category control between 65% and 90% of all Bitcoin. This concentration confirms that early investors continue to significantly shape the institutional landscape of the market.
The phenomenon is particularly evident in DeFi projects, publicly traded companies, ETFs and investment funds. In contrast, private companies show a more even distribution of bitcoin holdings, which, according to Gemini, indicates broader participation in the sector.
Government reserves as market regulator
The research also highlights the importance of government bitcoin reserves, which are characterised by minimal activity and weak correlation with price cycles. Nevertheless, their volumes are significant enough that any transfers or sales could have a major impact on the entire market.
The leading government holders include the United States, China, Germany and the United Kingdom. However, most of these BTC were acquired through legal processes and seizures, rather than active purchases on the market. As the report states: ‘These reserves form a specific category – long-term passive, but with the potential to dramatically impact the market with any movement.’
