In general, corporate investors go in the long term, which favors the price of Bitcoin.
With this behavior, Bitcoin’s volatility has tended down.
Bitcoin, born as a decentralized experiment, is redefining his place in the global financial landscape. In 2025, its adoption by institutions, governments and regulated platforms indicated a change towards an “institutional degree infrastructure.”
A report published by the Gemini cryptocurrency exchange signto that 3 out of 10 bitcoin, or more precisely 30.9% of the circulating offer or 6,145,207 BTC, They are in the hands of 216 centralized entities.
This phenomenon reduces volatility and strengthens institutional trust, positioning Bitcoin as a “strategic macropinanciero instrument”marking a new phase in its evolution.
Bitcoin’s institutional consolidation
This analysis covers six key categories: Exchange, ETF/funds, public contribution companies, private companies, Defi contracts and governments.
The growing presence of institutional actors has transformed the Bitcoin market. According to the report, in the last decade, The amount of bitcoin in the hands of centralized entities has increased 924%going from less than 600,000 BTC in 2015 to more than 6.1 million BTC in 2025.
The Exchange lead in holdings, with the largest amount of accumulated bitcoinwhile public contribution companies are the most numerous in terms of participating entities.
However, in almost all categories, except private companies, The three main entities control between 65% and 90% of the fundsevidencing the “domain of the first adopters.”
In the Defi, ETF sectors and public contribution companies, the pioneers have “molded the initial path of adoption”, establishing standards and attracting significant capital. For example, until last May, 116 companies that quote on the stock market had 809,000 BTCwhich represents a significant increase from the 312,000 BTC they had a year ago. Only since April, almost 100 thousand BTC have been added, with more than 25 companies revealing new holdings.
By contrast, private companies show a “broader participation base”, reflecting a more diverse distribution.
Gemini points out that This concentration could decrease as markets maturebut current leaders have played a crucial role in “channeling capital towards Bitcoin’s holdings” and legitimizing it as a “global macro asset class.”
This process has accompanied an exponential increase in the price, which has led of $ 1,000 in 2015 to more than $ 100,000 in 2025reinforcing the perception of bitcoin as a “strategic asset.”
The role of custodians and market stability
Centralized exchanges, ETF/funds and, to a lesser extent, DEFI protocols act as custodians for investors seeking “exposure to the spot market.” Since June 2021, Bitcoin’s total in this sector has oscillated between 3.9 and 4.2 million BTCa range that, according to Gemini, denies the perception of an “imminent offer shock.”
The decrease in balances in exchanges in the last two years It reflects a migration to Cash ETF that trades in the United States, not a reduction in the available supply. This structural restructuring of custody has stabilized the market by channeling capital flows to regulated platforms.
The ETFs, launched in 2024, have introduced “stable capital flows” and have improved the “depth of liquidity.” Although custodians are sensitive to volatility, With monthly net flows that can reach 10,000 million dollarsadded liquidity for spot buyers remains constant.
Gemini’s report emphasizes that the “annualized volatility” has decreased since 2018 in all temporal frames, reflecting a “more reliable and less driven price action by speculative extremes.”
This is due to institutional accumulation, which reduces the liquid offer, and the integration into traditional finances, which aligns market behavior with more predictable standards. Corporate investors, by prioritizing long -term strategies, have contributed to “more sustained and orderly rallies”Point out the Exchange.
Governments and Sovereign Legitimation of Bitcoin
Governments have emerged as key actors. The United States, with more than 200,000 BTC, is one of the largest holders of the digital currencythanks to seizures such as 69,369 BTC of the Silk Road case in November 2020 and 94.643 BTC of the Bitfinex hacking in February 2022.
As reported by Cryptonoticias, on March 6, 2025, President Donald Trump signed Executive Order 14.096, entitled “Establishment of the Bitcoin Strategic Reserve and the Reserve of Digital Assets of the United States.” This order redested the assets confiscated to a federally administered reservation and authorized the departments of the Treasury and Commerce to develop budgetary strategies to acquire more bitcoin.
Other countries have adopted diverse approaches. China accumulated 194,000 BTC after dismantling the Ponzi Plustoken scheme In 2020. The United Kingdom has confiscated coins through its National Crime Agency, focusing on cyber crimes.
Germany liquidated all its holdings on April 29, 2025, after years of seizures. However, last May the German authorities They seized More than 38 million dollars in BTC and cryptocurrenciesdirectly from the exchange exch before its closure.
In contrast, El Salvador and Bután have implemented intentional and continuous purchases by averaged costs in dollarspointing to a long -term commitment.
These sovereign, although inactive holdings have the potential to “impact markets when the coins move or sell,” says Gemini. Sovereign legitimation reinforces trust, encouraging greater institutional adoption.
The transition to off-chain infrastructure
Much of the Bitcoin market activity has migrated from the chain (ON-CHAIN) to “regulated platforms” outside the chain (Off-Chain).
In 2025, the Exchange and ETF facilitate more than 75% of adjusted transfer volumeswhile derivative markets, such as futures and CME options, have grown more than ten times since 2023.
Gemini stresses that this infrastructure improves liquidity, standardizes execution and aligns investors behavior with the “traditional financial markets.”
This change does not eliminate Bitcoin’s bullish potential, but reformulates its price dynamics. Recent rallys have been “more sustained and tidy”, and the spot price, which exceeded $ 100,000, reflects the long -term vision of institutions.
Corporate investors, in favor of “accumulation strategies”, have promoted upward price, while the off-chain infrastructure reduces the probability of extreme movements driven by speculation.
A macropinanciero asset in maturation
Institutional adoption has transformed Bitcoin into a “long -term macro asset.” The establishment of the Bitcoin strategic reserve in the United States, the rise of ETFs and accumulation by companies have strengthened trust.
From the announcement of the Bitcoin Reserve in the United States, Companies have acquired more than 20,000 BTC per month, marking a “more aggressive institutional entry period” since 2021according to Gemini.
This dynamic, together with the reduction of volatility and increased liquidity, positions Bitcoin as a strategic asset comparable to traditional value reserves.
However, the greatest centralization in custody raises challenges about control. Although the pioneers have legitimized Bitcoin, market maturation will require a more equitable distribution.
For now, Bitcoin is consolidated as a “pillar of modern finances” anchored by institutions and governments that recognize him as an “sovereign active.”
