A Gemini and Glassnode report reveals that centralized entities including governments, exchange-traded funds (ETFs), and publicly traded corporations now control 30.9% of Bitcoin’s circulating supply. This growing institutional dominance marks a significant shift from Bitcoin’s peer-to-peer origins, with over 75% of transfer volume flowing through centralized platforms.
Corporate adoption continues to accelerate, exemplified by Mercurity Fintech Holding Inc.’s plan to raise $800 million for establishing a long-term Bitcoin treasury reserve. The firm aims to integrate Bitcoin into its blockchain-native digital reserve system. Simultaneously, German cosmetics company Evertz Pharma purchased an additional 100 BTC valued at approximately €10 million, citing Bitcoin’s scarcity and inflation-hedging properties as key motivations.
The institutional influx correlates with changing market dynamics, including a measurable decline in Bitcoin’s annualized realized volatility since 2018. This trend toward price stabilization contrasts with Bitcoin’s historically high volatility, reflecting the market’s structural evolution as institutional participation deepens.