A report by Gemini reveals that 30.9% of Bitcoin's circulating supply is now held by centralized entities, such as governments, ETFs, public companies, and centralized exchanges, indicating a structural transformation towards institutional maturity in the Bitcoin market. As institutional adoption grows, realized volatility has declined consistently since 2018, suggesting more sustained rallies rather than the previous volatile spikes. The report highlights that 216 entities collectively hold Bitcoin, with ETFs and funds leading with 1.3 million Bitcoins, while public companies hold 765,300 Bitcoins. Although exchanges hold the most, with over 3 million Bitcoins, overall, there appears to be a shift occurring, with a decline in balances for exchanges and DeFi protocols, which is offset by gains in ETFs and funds. This shift points to a structural reshuffling rather than a declining supply of Bitcoin.

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