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$668 Billion in Bitcoin Now Controlled by Institutions, Is Crypto Still Decentralized?

$668 Billion in Bitcoin Now Controlled by Institutions, Is Crypto Still Decentralized?

Samuel Edyme
by Samuel Edyme
3 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A new report from Gemini and blockchain analytics firm Glassnode has revealed that centralized Bitcoin treasuries now control 30.9% of the circulating BTC supply.

This shift, representing more than 6.1 million BTC or roughly $668 billion at current prices, marks a notable development in the evolution of the asset’s market structure. The researchers argue that such a concentration of holdings highlights a broader institutional embrace of Bitcoin over the last decade.

Related Reading: Bitcoin’s High Euphoria Spurs UK Company’s $5 Million Buy

Institutional Control and Concentration Trends

The analysis suggests a 924% increase in BTC held by centralized treasuries, including exchange-traded funds (ETFs), public companies, government entities, and centralized custodians, since 2014.

During this same period, Bitcoin’s spot price has risen from below $1,000 to over $100,000, reinforcing its adoption as a strategic asset among institutional players.

Although this transition is seen as a signal of market maturity, it also raises concerns about centralization and the influence of a small group of entities on the broader BTC ecosystem. The report details that half of the Bitcoin counted under centralized control resides on centralized exchanges.

These coins are likely held on behalf of individual users, making them custodial rather than proprietary holdings. However, when combining exchange balances with those of ETFs, public funds, and sovereign treasuries, the institutional footprint in the Bitcoin market becomes clear.

One of the report’s key findings is the high concentration of BTC within institutional categories. In several sectors, particularly ETFs, DeFi platforms, and publicly traded firms, the top three entities control between 65% and 90% of the supply allocated to their segment.

This centralization suggests that early institutional adopters maintain significant influence over Bitcoin’s market behavior. On the other hand, private companies exhibit a more distributed holding pattern, indicating broader and more decentralized engagement from the business sector.

Sovereign Holdings and Structural Implications

Government treasuries have also emerged as unexpected holders of large Bitcoin reserves, primarily through legal enforcement and asset seizures. Countries like the United States, China, Germany, and the United Kingdom have accumulated BTC through criminal investigations and forfeitures, not market purchases.

While these sovereign wallets are typically dormant and infrequently active, their holdings are sizable enough to impact market sentiment if ever moved or sold.

Related Reading: Bitcoin Traders Stay Defensive Near Highs as Ethereum Leverage Climbs

The study concludes that Bitcoin’s transition into centralized custody signals a long-term structural transformation. As the asset integrates further into the traditional financial system, its volatility may become more constrained, and its price movements less speculative.

Despite this shift, researchers caution that Bitcoin remains a risk-sensitive asset class, though it increasingly behaves in ways consistent with more mature financial instruments.

Bitcoin (BTC) price chart on TradingView
BTC price is moving upwards on the 2-hour chart. Source: BTC/USDT on TradingView.com

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme

Samuel Edyme

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Edyme is a writer, a content writer that specialises in writing about the crypto realm. Asides Bitcoinist and NewsBTC, Edyme's writing has been featured in top sites such as Blockchain.News, CoinMonk, Blockchain Reporter, Bitcoin Insider among others.

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