Key Points :
- Individuals hold approximately 65.9 % (≈13.83 million BTC) of circulating bitcoins.
- Institutional actors—including businesses (~6.2 %), funds/ETFs (~7.8 %), and governments (~1.5 %)—now account for over 15 % of supply.
- Lost coins comprise ~7.6 % (≈1.58 million BTC); Satoshi/Patoshi holdings account for ~4.6 % (≈968,000 BTC); unmined supply remains at ~5.2 %.
- Institutional demand is significantly outpacing mining supply: businesses absorb ~1,755 BTC/day vs miners producing ~450 BTC/day.
- Legal frameworks and policies (e.g., U.S. strategic reserve moves) and ETF inflows continue to boost institutional adoption.
- The shift signals tightening available supply and mounting institutional influence in Bitcoin’s economics.
1. Individuals Still Dominate Bitcoin Holdings
As of August 25, 2025, River’s research estimates that individuals—defined to include self‑custodied wallets and exchange accounts—hold about 65.9 % of circulating Bitcoin, equating to approximately 13.83 million BTC. underlines the enduring dominance of retail and private holdings in the market.
2. Institutions Are Gaining Ground
Institutional presence is rising, with distinct categories:
- Businesses (corporate treasuries and traditional firms holding BTC on their balance sheets) control about 6.2 % (~1.30 million BTC).
- Funds and ETFs manage around 7.8 % (~1.63 million BTC).
- Governments hold roughly 1.5 % (~306,000 BTC), based on tagged sovereign addresses.
These growing institutional figures signal a meaningful shift, with the total institutional share now exceeding 15 % of the circulating supply.
3. Special Holdings: Lost, Satoshi, and Unmined
There are several notable non‑circulating categories:
- Lost Bitcoin: Approximately 7.6 % (~1.58 million BTC) is considered unrecoverable, inferred via age‑based heuristics.
- Satoshi/Patoshi Holdings: Estimated at 4.6 % (~968,000 BTC), based on early mining patterns research.
- Unmined Supply: About 5.2 % (~1.09 million BTC) remains to be mined as the total supply approaches the 21‑million cap.
Visual Overview of Bitcoin Ownership Distribution
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4. Institutional Demand Outstrips Mining Supply
A particularly striking dynamic revealed by River’s flows data: businesses are absorbing Bitcoin at nearly four times the rate of daily mining output—1,755 BTC/day versus approximately 450 BTC/day.Meanwhile, funds and ETFs contribute an additional 1,430 BTC/day in net inflows.
On the other side, individuals appear as a net outflow of about –3,196 BTC/day, largely reflecting reclassification into institutional ownership rather than actual selling.
This shift suggests that institutional accumulation may begin materially tightening available supply over time.
5. Broader Institutional Trends and Regulatory Developments
- ETF Inflows: U.S. spot Bitcoin ETFs have seen cumulative inflows reaching $52.3 billion, including $14.8 billion in mid‑July alone. BlackRock’s iShares Bitcoin Trust alone gathered over $1.3 billion in just two days. Institutional “whales” are also amassing holdings, raising total institutional BTC holdings to all-time highs.
- Wallet Addresses: Fewer than 1 million addresses currently hold at least 1 BTC—and actual individuals in that category likely number between 800,000 and 850,000, underscoring concentration. Largest corporate holder Strategy Inc. owns around 628,791 BTC (≈$72 billion value).
- Policy Developments: The U.S. established a Strategic Bitcoin Reserve via executive order in March 2025, positioning BTC as a national reserve asset. The U.S. government now holds an estimated 198,000 BTC.
- Institutional Adoption Still Early: Despite gains, institutional adoption remains nascent: less than 5 % of ETF assets held by long‑term institutional players like pension funds; 10–15 % by hedge funds or wealth managers, largely on behalf of retail clients.
Global net inflows into crypto ETFs hit $4 billion recently, while regulatory momentum in the U.S. (e.g., the Genius Act) could further catalyze institutional participation.
6. What This Means for Practitioners and Crypto Seekers
For those hunting new crypto assets, seeking next revenue streams, or exploring blockchain’s practical utility, the evolving Bitcoin landscape offers key insights:
- Supply dynamics are shifting—institutions are steadily absorbing more BTC than can be mined.
- Opaque ownership and wallet classification biases mean actual supply availability may be tighter than surface numbers suggest.
- Regulatory clarity and institutional appetite are likely to sustain demand and influence price trajectories.
Conclusion
In sum, as of late August 2025, individuals still retain the lion’s share of Bitcoin holdings at approximately 65.9 %. Yet meaningful shifts are underway: institutions—including businesses, funds/ETFs, and governments—have collectively moved to capture over 15 % of supply. Alongside notable shares held in lost, Satoshi, and unmined forms, available circulating Bitcoin is increasingly concentrated. With institutional demand significantly outpacing mine issuance, and bolstered by policy advancements and ETF flows, markets are entering a phase of pronounced supply tightening. For anyone involved in blockchain or crypto innovation, understanding these trends is critical to anticipating both opportunity and constraint in the Bitcoin ecosystem.
