FameEX Hot Topics | Major Holders Control Over 4 Million Bitcoin, Representing 27% of Total Supply

The latest Glassnode onchain report reveals that major labeled entities collectively hold approximately 4.23 million Bitcoin, representing over 27% of the adjusted circulating supply. This significant concentration underscores the prominent role these entities play within the bitcoin ecosystem.

According to the report, U.S. spot bitcoin exchange-traded funds (ETFs) are among the largest holders, with a balance of 862,000 BTC. The U.S. government and the Mt. Gox Trustee follow, holding 207,000 BTC and 141,000 BTC, respectively. Additionally, all exchanges collectively possess about 2.3 million BTC, while miners, excluding Satoshi Nakamoto, hold 706,000 BTC.

The Glassnode report highlights dynamics within the ETF market, noting that the cash-and-carry trade structure significantly influences ETF inflows. This strategy, involving a long spot position via ETFs and a short position in CME Group futures, has resulted in stable open interest above $8 billion in CME futures markets. Researchers suggest that hedge funds increasingly adopt this arbitrage strategy, contributing to the robust demand for bitcoin ETFs.

The report also details a recent divergence in onchain activity metrics. While the number of active addresses has declined, transaction counts have reached near all-time highs. This discrepancy is attributed to the advent of the Runes protocol, which utilizes address reuse, resulting in multiple transactions from singular addresses. Since its launch, the protocol has gained popularity, displacing other token protocols like BRC20 tokens and Ordinal inscriptions, now accounting for 57.2% of daily transactions.

Despite the inflows into bitcoin ETFs, market prices have remained relatively neutral, indicating that organic buy-side demand is essential for further price appreciation. The Glassnode report concludes that while these institutional and onchain activities are pivotal, broader market dynamics and investor behavior will continue to shape bitcoin’s price trajectory.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.