Glassnode report: 30% of Bitcoin circulation has been controlled by institutions and governments, pushing BTC towards national reserves
Gemini and Glassnode released an on-chain report on June 11 stating that institutions and governments have locked 30.9% of the circulation, which is pushing Bitcoin to become a national reserve asset.
(Preliminary summary: Investment institution F Street announced a fixed investment of 10 million US dollars in Bitcoin: to fight inflation and strengthen capital)
(Background supplement: The world embraces Bitcoin" Japan's ANAP Lightning Capital: Buy 1,000 BTC before the end of August, Britain's Anemoi has invested 30% in cash, and Canada's Belgravia Capital completed its first investment)
Contents of this article
U.S. President Trump signed an executive order three months ago to include Bitcoin seized by the Department of Justice into the "Strategic Bitcoin Reserve" (SBR). Against this background, Gemini and Glassnode released a report this week stating: This is not just a political gesture, but a watershed in rewriting global asset allocation rules.
Data shows that institutionalization is accelerating
The Gemini × Glassnode report pointed out that 216 centralized entities around the world control a total of 6.1 million Bitcoins, accounting for 30.9% of the circulating supply, with a ten-year increase of 924%.
Among them, ETF holdings have exceeded 1.4 million, with the largest holder being BlackRock iShares Bitcoin Trust, holding 665,638. In terms of listed companies, more than a hundred companies, led by MicroStrategy (formerly MicroStrategy), have included Bitcoin in their financial reports, which has gradually become normal.
“Our research found that 216 centralized entities hold a total of 6.1 million Bitcoins, worth approximately US$668 billion.”
The report also pointed out that Bitcoin’s annualized realized volatility has continued to decline since 2018, and its correlation coefficient with gold and Nasdaq has also fallen to around 0.15, showing that Bitcoin is becoming an independent asset class.
Volatilization Convergence and Supply Squeeze
The leverage effect model also reported shows that for every US$1 invested in the purchase of strategic Bitcoin reserves in the United States, the market value effect can be amplified to US$25 in the short term; it contributes about US$1.7 in structural value in the long term.
Market estimates predict that institutional holdings will rise to 4.2 million coins by 2026, and circulation will be further squeezed. Reduced volatility has attracted pension funds with a user base of trillions of dollars to start evaluating and establishing positions, and prompted family offices to follow suit.
However, it is worth noting that this trend also increases risks. Because the concentration of currency holdings has increased, the market has become more dependent on the decisions of a few institutions. For example, the high proportion of positions held by micro-strategy Strategy highlights that any large reduction in positions may trigger chain selling pressure.
Focus of follow-up observation
After the United States implements SBR, the market is paying attention to whether other sovereign countries and state governments copy the model. Global regulatory differences remain the biggest variable. Investors need to pay attention to ETF fund flows, interest rate trends and geopolitical developments. If circulation continues to tighten, Bitcoin’s long-term scarcity will be repriced.
