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ETFs, Governments and MicroStrategy control 31% of all Bitcoin in the world
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Exchange-traded funds (ETFs), governments and MicroStrategy (MSTR) currently hold 31% of all Bitcoin in the world, as reported by Ki Young Ju, CEO of CryptoQuant, on his X account.
The number represents a significant increase compared to December 2023, when these entities owned just 14% of the total.
According to Young Ju, the growing participation of large institutions like MicroStrategy reflects an important role of these entities in the Bitcoin ecosystem. He highlighted the relevance of MicroStrategy, which has been consolidating its position as a “gateway” between the traditional financial market and the universe of cryptocurrencies.
Ki Young Ju also mentioned criticism of MicroStrategy from some Bitcoin enthusiasts who express concerns about centralized custody. According to him, these criticisms ignore a key point: the practice of self-sovereignty (self-custody) is still limited and little adoptedsimilar to the widespread lack of concern about privacy violations.
A lot of Bitcoin in the hands of a few
The MicroStrategy model, defined as a “Bitcoin bank”, is aligned with the current stage of adoption of the asset. Young Ju explained that by using active fund management, MicroStrategy was able to acquire large amounts of Bitcoin with relatively limited resources. Furthermore, he emphasized that this model represents a successful strategy. On the other hand, he highlighted the risks inherent to centralized management.
The growing concentration of Bitcoins in ETFs, governments and companies like MicroStrategy underscores a notable phenomenon in the market: the increasingly significant role of large entities in the consolidation and use of Bitcoin. In addition to MicroStrategy, the Japanese Metaplanet has been trying to imitate this movement with regular Bitcoin purchases.
However, this centralization is not specific to Bitcoin. After all, a recent analysis revealed that 104 “whale” wallets hold more than 57% of all Ethereum in circulation. This is the highest level of concentration in the entire nine-year history of the asset.
Also according to data collected by the on-chain analysis platform Santiment, small investors have been reducing their positions in Ethereum.
ETFs, Governments and MicroStrategy control 31% of all Bitcoin in the world
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ETFs, Governments and MicroStrategy control 31% of all Bitcoin in the world
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ETFs, Governments and MicroStrategy control 31% of all Bitcoin in the world
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ETFs, Governments and MicroStrategy control 31% of all Bitcoin in the world
