Report: Major Entities Hold 4.23 Million Bitcoin, Over 27% of Circulating Supply

China's Share In Bitcoin Transactions Declined 80% Post Crackdown

Glassnode’s latest report reveals that major entities hold 4.23 million bitcoin, representing over 27% of the circulating supply, highlighting their significant influence within the bitcoin ecosystem.

The latest onchain report from Glassnode reveals that significant entities collectively hold approximately 4.23 million bitcoin, accounting for over 27% of the adjusted circulating supply. This highlights the influential role these entities play within the bitcoin ecosystem.

Institutional Holdings: ETFs, Miners, Government, and Exchanges Control 4.23 Million Bitcoin

Glassnode’s study identifies U.S. spot bitcoin exchange-traded funds (ETFs) as some of the largest holders, with a combined balance of 862,000 BTC. The U.S. government and the Mt. Gox Trustee follow with holdings of 207,000 BTC and 141,000 BTC, respectively. Exchanges collectively hold about 2.3 million BTC, while miners, excluding Satoshi Nakamoto, maintain a balance of 706,000 BTC.

The report emphasizes the dynamics within the ETF market, noting that the cash-and-carry trade structure significantly impacts ETF inflows. This strategy, involving a long spot position via ETFs and a short position in CME Group futures, has led to a stable open interest above $8 billion in CME futures markets. Researchers suggest that hedge funds increasingly adopt this arbitrage strategy, contributing to the robust demand for bitcoin ETFs.

Additionally, the report details a recent divergence in onchain activity metrics. While the number of active addresses has declined, transaction counts have nearly reached all-time highs. This discrepancy is attributed to the Runes protocol, which uses address reuse, resulting in multiple transactions from single addresses. Since its launch, the Runes protocol has gained popularity, displacing other token protocols like BRC20 tokens and Ordinal inscriptions, now accounting for 57.2% of daily transactions.

Despite the inflows into bitcoin ETFs, market prices have remained relatively neutral, indicating that organic buy-side demand is crucial for further price appreciation. The Glassnode report concludes that while these institutional and onchain activities are pivotal, broader market dynamics and investor behavior will continue to shape bitcoin’s price trajectory.

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