An eye-popping 30% of bitcoin’s circulating supply is concentrated in 216 centralized entities, “reflecting both expanding institutional adoption and deepening custodial centralization,” a new report from Gemini and Glassnode found. The report notes that “the total bitcoin held across major institutional and custodial entities has surged to 6,145,207 BTC, representing an increase of 924% in supply held by centralized entities over the past decade.” Patrick Liou, a principal at Gemini, told Sherwood News that within that 30% figure, the two leading categories are centralized exchanges and ETFs/funds. 2025 has been the ... (full story)