Bitwise released data Monday showing individuals control 66.1% of Bitcoin's supply, while businesses hold 7.8% and investment funds 7.2%. The analysis counters the narrative that institutional players dominate Bitcoin ownership despite corporate treasury programs and U.S. spot ETF launches since January 2024. The digital asset manager based its findings on public wallet data, onchain analysis, and disclosures from publicly traded companies and fund managers, mapping known wallets associated with exchanges, custodians, and large holders.
Bitwise Data Shows Retail Controls Two-Thirds of Bitcoin Supply
The breakdown shared Monday by Bitwise maps 66.1% of Bitcoin supply to individual holders, 7.8% to businesses, and 7.2% to investment vehicles. The combined institutional share totals 15% of supply. The remaining roughly 19% spans governments, miners, unaccounted wallets, and other categories.
Bitwise, which operates one of the U.S. spot bitcoin ETFs, built the analysis by mapping known wallets associated with exchanges, custodians, and large holders. The firm acknowledged methodology limitations, noting that multi-signature wallets and pooled custody arrangements can obscure actual ownership behind addresses.
Institutional Holdings Grow Post-ETF Launch but Remain 15% of Supply
Institutional holdings have grown since spot bitcoin ETFs debuted in the United States in January 2024. The category's footprint expanded through corporate treasury programs and government stockpiles. Some positions tracked onchain include exchange cold wallets and government stashes holding hundreds of thousands of BTC.
The 7.2% fund share reflects the institutional presence despite growth. U.S. spot bitcoin and ether ETFs snapped an eight-week outflow streak last week with $282 million in combined inflows. Bitcoin funds recorded $197.4 million in inflows and ether funds $84.4 million.
ETF Flows Snap Eight-Week Outflow Streak With $282 Million Inflows
The eight-week outflow period represented the longest redemption run since the products launched, draining approximately $9.46 billion from bitcoin and ether ETF products combined. The $282 million inflow last week reversed the trend.
Bitcoin funds took in $197.4 million while ether funds recorded $84.4 million. ETF flows move with sentiment, macro data, and quarterly rebalancing. The individual majority has historically been stickier, with onchain analysts crediting this base of holders with absorbing supply through market downturns.
FAQ
What percentage of Bitcoin supply do individuals control according to Bitwise?
Bitwise data shows individuals control 66.1% of Bitcoin's supply, while businesses hold 7.8% and investment funds hold 7.2%, with the combined institutional share totaling 15% of supply.
How much did the recent eight-week ETF outflow streak drain from bitcoin and ether funds?
The eight-week outflow streak drained approximately $9.46 billion from U.S. spot bitcoin and ether ETF products combined before snapping last week with $282 million in combined inflows.
