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While retail investors still control the majority of BTC, institutions and ETFs now hold over 14%.
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The shift from early adopters towards Wall Street creates an entirely new dynamic of persistent and price-agnostic purchasing
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On-chain data shows Satoshi has 4.6% of Bitcoin supply, but another 7.6% is lost forever
Bitcoin is moving away from early believers and towards Wall Street. As the asset matures a new class is taking control. This shift in ownership is the most important trend that will affect its future price. On-chain data reveals exactly where 21 million coins are.
Who holds the most Bitcoin today?
Retail investors still hold the majority of the Bitcoin supply (65.9%) or nearly 13,83 million BTC. This group, with a value of over $1.52 trillion represents the largest piece of ownership pie.
Wall Street and corporate America control 14% of Bitcoin and their share is rapidly increasing:
- BlackRock has already purchased 1.63 million BTC (7.8%) through the new U.S. spot Bitcoin ETFs.
- Another 1.3 million BTC (6.2%) are held by corporate treasuries. MicroStrategy, led by Michael Saylor, is the leader.
Major banks like JPMorgan are now embracing Bitcoin as a better inflation hedge.
What about Satoshi, governments, and ‘lost’ coins?
Beyond the active market there are several large pools of Bitcoin that are either off-limits, or held by unique entities.
- Permanently Lost: Approximately 1,58 million BTC (7.6%), or an estimated 1,58 million BTC, are considered permanently lost.
- Satoshi Nakamoto: The wallets of the creators contain an estimated 968,000 BTC (4.6%).
- Governments The U.S. government and other governments have confiscated a total of 360,000 BTC (1,5%).
- Locked/Bankruptcy: Around 287,000 BTC (1,4%) are locked up in contracts or bankruptcy.
- Unmined supply: Only 5.2% of Bitcoin remains to be mined in the next 100 Years.
Why Does This Ownership Change Matter for Bitcoin’s Prices?
The market cycles of Bitcoin are fundamentally altered by this shift from retail to institutional investors. Whales selling to retail investors during the peak of the market defined the old cycle. The new cycle is completely distinct.
Data from the last year on the On-chain shows that businesses and exchange traded funds (ETFs) are now constantly accumulating Bitcoin, regardless of its price. This constant, price-agnostic purchasing creates a strong demand floor.
Analysts like Fundstrat’s Tom Lee project that Bitcoin could reach $1 million as a growing amount of institutional capital chases an ever-shrinking supply of coins.
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