Bitcoin has moved from its early followers to Wall Street. As assets mature, this shift in keeping BTC held by the owners of a new class of owners is the most important trend for future prices. On-chain data shows exactly where 21 million coins are.
Who actually has the most Bitcoin today?
The majority of Bitcoin supply is still in the hands of individual retail investors with almost 1,383 million BTC (65.9%). The group is valued at over $1.52 trillion, representing the largest single slice of ownership pie.
However, Wall Street and Corporate America currently manage a total of 14% of all Bitcoin, and its share is growing rapidly.
- The new US Spot Bitcoin ETF, led by BlackRock, has already purchased 1.63 million BTC (7.8%).
- The Corporate Treasury, where Michael Saylor’s microstrategy leads the fee, holds an additional 1.3 million BTC (6.2%).
The embrace of this institution has been strengthened by major banks such as Jpmorgan now claims that Bitcoin is a better inflation hedge than gold.
Sato, the government, what about the “lost” coins?
Beyond active markets, several huge pools of Bitcoin are held by off-limits or unique entities.
- Lost forever: An estimated 1.58 million BTC (7.6%) is considered to be permanently lost.
- Satoshi Nakamoto: The creator’s wallet has an estimated 968,000 BTC (4.6%).
- government: The US and other governments have seized a total of 360,000 BTC (1.5%).
- Lock/Bankruptcy: Approximately 287,000 BTC (1.4%) are bound by contract or bankruptcy.
- Unstable supply: Only 5.2% of all Bitcoin will be mined for the next 100 years.
Why is this ownership important in the price of Bitcoin?
This shift from retail to institutionalisation fundamentally changes the Bitcoin market cycle. The old cycle was defined by whales selling to market-leading retail investors. The new cycle is completely different.
Chain data over the past year shows that businesses and ETFs are constantly accumulating Bitcoin, regardless of price. This permanent price-independent purchase creates a strong demand floor.
That’s the main reason analysts like it Fundstrat’s Tom Lee Now Project Bitcoin could reach $1 millionas the waves of the institutional capital are increasing, reducing the supply of available coins.
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