Gemini and Glassnode Release On-chain Report
On June 11, Gemini and Glassnode released an on-chain report indicating that institutions and governments have locked in 30.9% of the circulating supply, driving Bitcoin towards becoming a national reserve asset.
(Background: Investment firm F Street announced a dollar-cost averaging purchase of $10 million in Bitcoin: combating inflation and strengthening capital.)
(Context: Global embrace of Bitcoin > Japan’s ANAP Lightning Capital: plans to buy 1,000 BTC by the end of August; UK’s Anemoi has invested 30% of cash; Canada’s Belgravia Capital has completed its first investment.)
US President Trump’s Executive Order
Three months ago, U.S. President Trump signed an executive order to incorporate Bitcoin seized by the Justice Department into the “Strategic Bitcoin Reserve” (SBR). In this context, Gemini and Glassnode’s report this week stated: this is not merely a political gesture, but a watershed moment in rewriting the rules of global asset allocation.
Data Indicates Acceleration in Institutionalization
The Gemini × Glassnode report pointed out that a total of 216 centralized entities control 6.1 million Bitcoins, accounting for 30.9% of the circulating supply, with a ten-year growth rate of 924%.
Among these, ETF holdings have surpassed 1.4 million coins, with the largest holder being BlackRock iShares Bitcoin Trust, possessing 665,638 coins. In the case of publicly listed companies, over a hundred firms, led by MicroStrategy, have included Bitcoin in their financial reports, gradually normalizing this practice.
Market Value and Structural Changes
“Our research shows that 216 centralized entities collectively hold 6.1 million Bitcoins, valued at approximately $668 billion.”
The report also noted that the annualized realized volatility of Bitcoin has been declining since 2018, and the correlation coefficient with gold and the Nasdaq has dropped to around 0.15, indicating that Bitcoin is becoming an independent asset class.
Convergence of Volatility and Supply Pressure
Additionally, the report’s leverage effect model demonstrates that for every $1 invested in the U.S. strategic Bitcoin reserve, the short-term market value effect can amplify to $25; the long-term contribution is approximately $1.70 in structural value.
The market estimates that by 2026, institutional holdings will rise to 4.2 million coins, further squeezing the circulating supply. The reduction in volatility has attracted large-scale users, such as trillion-dollar retirement funds, to begin evaluating positions, leading family offices to follow suit.
However, it is noteworthy that this trend also increases risk. The concentration of holdings makes the market more reliant on the decisions of a few institutions. For instance, the high concentration case of MicroStrategy highlights that any large-scale sell-off could trigger a chain reaction of selling pressure.
Future Observational Focus
Following the implementation of the SBR in the U.S., the market is paying attention to whether other sovereign nations and state governments will replicate the model. The differences in global regulation remain the largest variable. Investors should keep an eye on ETF fund flows, interest rate trends, and geopolitical dynamics. If the circulating supply continues to tighten, Bitcoin’s long-term scarcity will be repriced.
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