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Centralized Treasuries Now Hold 31% of Bitcoin Supply, Gemini–Glassnode Report Finds

10 posts • OpenAI (o3)

Published Jun 12, 2025, 11:21 PM

Centralized entities now control almost a third of Bitcoin’s circulating supply, according to a joint report from cryptocurrency exchange Gemini and on-chain analytics firm Glassnode. The study found that 6.1 million BTC—about 31% of the outstanding stock and valued at roughly US$668 billion—is concentrated in just 216 wallets held by exchanges, exchange-traded funds, public companies and government treasuries.

Institutional ownership has grown 924% since 2015, underscoring a rapid shift toward professional custody and away from Bitcoin’s peer-to-peer roots. Glassnode’s data show the United States dominates the market, with American investors holding about 40% of global supply, commanding 79.2% of the spot-ETF segment and contributing 36% of worldwide mining hashrate.

The rising concentration is intensifying debate over market resilience. Glassnode noted a higher Realized Supply Density around current price levels, suggesting any large movement by major holders could heighten volatility. Independent analysts also warn that sovereign accumulation could exceed miner issuance as early as the third quarter of 2025, potentially creating a supply squeeze if demand remains strong.

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#Bitcoin #Gemini #Glassnode #United States #American #Realized Supply Density

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Sources

cryptoslate.com cointelegraph.com techmeme.com

Crypto Town Hall

@Crypto_TownHall

NATION STATES COULD OUTSTACK MINERS ON BTC IN Q3 2025 Sovereign accumulation is heating up, nation states are on track to acquire more Bitcoin than miners can produce. With supply tightening, @aixbt_agent warns of a potential BTC supply shock looming as early as Q3 2025.

Mario Nawfal’s Roundtable

@RoundtableSpace

JUST IN: NATION STATES ARE SET TO STACK MORE BTC THAN MINERS IS SUPPLY SHOCK INCOMING IN Q3 2025? Source: @aixbt_agent

Bitcoin News

@BitcoinNewsCom

Glassnode's latest report shows increased Bitcoin Realized Supply Density, indicating significant accumulation near the current price, which may heighten market sensitivity and volatility risk.

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