# Bitcoin’s Power Shift: China’s Mining to US ETFs
China once controlled over two-thirds of Bitcoin mining; it is now third. The US leads mining and, via ETFs, companies and government reserves, holds over 2.5M $BTC —about one-eighth of supply. Is this global hegemony?
Bitcoin remains decentralized, but influence shifted from China’s mining base (2017–2021) toward Wall Street since 2024.
Mining Map
China held ~65% of global hashrate in Q1 2021. Its crackdown triggered a historic miner migration, yet Bitcoin kept operating. Hashrate Index (Aug. 2026): US 36.7%, Russia 17.2%, China 12.2%, Paraguay 4.7%, UAE 3%. Some US miners shift power to AI/data centers.
ETFs and Companies
US spot BTC ETFs held ~1.29M BTC (~$107B) on Oct. 8, 2026. BlackRock IBIT held ~806K BTC (62.3% of ETF holdings); FBTC ~182K, GBTC ~127K and Mini BTC ~63K. ETF flows increasingly shape demand versus new supply.
By June, 170–199 public companies held ~1.27M BTC (~6% of supply). $MSTR held 848,517 BTC on Oct. 25, acquired for $64.02B at an average $75,446. It formalized limited BTC sales to fund preferred dividends and buybacks; sales remain below 1% of holdings.
US Government Reserve
A March 2025 order created a reserve mainly from seized BTC. The US reportedly holds ~328K BTC across agencies, including ~198K in the reserve. No market purchases have occurred; the BITCOIN Act has not passed, and a future administration could reverse the reserve.
Hegemony or Concentration?
Combined holdings exceed 2.5M BTC, but ETF coins belong to investors, not the government. Eight of 10 ETF issuers reportedly use Coinbase for custody, creating concentration risks. No government can change Bitcoin’s rules without node consensus.
Bottom Line
Influence shifted from energy and hardware to capital and regulation. The US shapes institutional flows and price discovery, but does not control Bitcoin’s protocol. Watch ETF flows, Strategy’s cost basis and possible US market purchases.
China once controlled over two-thirds of Bitcoin mining; it is now third. The US leads mining and, via ETFs, companies and government reserves, holds over 2.5M $BTC —about one-eighth of supply. Is this global hegemony?
Bitcoin remains decentralized, but influence shifted from China’s mining base (2017–2021) toward Wall Street since 2024.
Mining Map
China held ~65% of global hashrate in Q1 2021. Its crackdown triggered a historic miner migration, yet Bitcoin kept operating. Hashrate Index (Aug. 2026): US 36.7%, Russia 17.2%, China 12.2%, Paraguay 4.7%, UAE 3%. Some US miners shift power to AI/data centers.
ETFs and Companies
US spot BTC ETFs held ~1.29M BTC (~$107B) on Oct. 8, 2026. BlackRock IBIT held ~806K BTC (62.3% of ETF holdings); FBTC ~182K, GBTC ~127K and Mini BTC ~63K. ETF flows increasingly shape demand versus new supply.
By June, 170–199 public companies held ~1.27M BTC (~6% of supply). $MSTR held 848,517 BTC on Oct. 25, acquired for $64.02B at an average $75,446. It formalized limited BTC sales to fund preferred dividends and buybacks; sales remain below 1% of holdings.
US Government Reserve
A March 2025 order created a reserve mainly from seized BTC. The US reportedly holds ~328K BTC across agencies, including ~198K in the reserve. No market purchases have occurred; the BITCOIN Act has not passed, and a future administration could reverse the reserve.
Hegemony or Concentration?
Combined holdings exceed 2.5M BTC, but ETF coins belong to investors, not the government. Eight of 10 ETF issuers reportedly use Coinbase for custody, creating concentration risks. No government can change Bitcoin’s rules without node consensus.
Bottom Line
Influence shifted from energy and hardware to capital and regulation. The US shapes institutional flows and price discovery, but does not control Bitcoin’s protocol. Watch ETF flows, Strategy’s cost basis and possible US market purchases.
