🚨 Is the "real circulation" of Bitcoin possibly only half left? Institutions are quietly consuming the entire market

glassnode's latest data shows:

🏢 Public companies: 1.07 million BTC

🏛️ Government agencies: 620,000 BTC

📊 US spot ETF: 1.31 million BTC

🏦 Exchange custody: 2.94 million BTC

Total holdings ≈ 5.94 million BTC, accounting for 29.8% of the total circulation.

This means:

👉 Nearly 30% of Bitcoin has been "locked up" in institutional and custodial wallets

👉 The actual circulating Bitcoin is less than you might imagine

👉 Every round of incremental funds is competing with institutions for extremely limited chips

👉 Volatility will become more intense, and liquidity will become thinner

This is the strongest long-term fundamental of Bitcoin:

It's not about how strong the demand is, but how much the supply is decreasing.