The Institutionalization of Scarcity: Is 30% of Bitcoin’s Supply Now Off-Limits?

A breakdown of Bitcoin (BTC) holdings across major institutional and custodial entities reveals a stark concentration of liquidity, fundamentally altering the market's supply dynamics. These key holder types collectively control approximately 5.94 million BTC, representing nearly 29.8% of the total circulating supply.

The concentration is heavily weighted towards long-term, high-conviction entities: U.S. spot Exchange Traded Funds (ETFs) hold around 1.31M BTC, while public companies utilizing BTC for corporate treasury management hold roughly 1.07M BTC. Governments and known exchanges complete the picture, holding 0.62M BTC and 2.94M BTC respectively.

This data underscores a powerful structural tailwind: a massive and growing portion of Bitcoin’s supply is being shifted from liquid market circulation into strong, long-term hands and regulated custody. This institutional accumulation drastically reduces the accessible supply for retail buyers and short-term traders, increasing market inelasticity. Any significant future demand shock will now face an increasingly illiquid supply base, making aggressive repricing inevitable. $BTC