Nearly 30% of Bitcoin Supply Is Now Held by Institutions

Glassnode data shows a major shift in Bitcoin ownership structure. Public companies, governments, ETFs, and exchanges now collectively hold ~5.94 million $BTC , accounting for 29.8% of the circulating supply.

Breakdown:

Public companies: ~1.07M BTC

Governments: ~620K BTC

US spot ETFs: ~1.31M BTC

Exchanges: ~2.94M BTC

This concentration highlights a clear trend: Bitcoin liquidity is increasingly controlled by institutions and custodians, not retail wallets. While this supports long-term legitimacy and deeper market infrastructure, it also reduces freely circulating supply.

Fewer coins available in open markets means price reactions can become sharper during periods of strong demand or sudden risk-off moves.

Bitcoin is gradually transitioning from a retail-driven asset to an institutionally anchored macro instrument — and that shift is reshaping market dynamics.