The wealth distribution of Bitcoin presents a pattern dominated by a few "whales". These large holders not only demonstrate a strong belief in the long-term value of Bitcoin but also have a profound impact on the market direction.

Satoshi Nakamoto, as the mysterious founder of Bitcoin, holds approximately 1.1 million Bits, which have been dormant since 2010, becoming the most symbolic existence in the Bitcoin network.

Recently, the launch of spot ETFs in the United States has become the market focus, with funds issued by well-known institutions such as BlackRock and Fidelity collectively holding approximately 1.104 million Bitcoins. This initiative provides traditional investors with a compliant channel for Bitcoin investment, becoming the most significant source of new demand since 2024.

It is worth noting that the U.S. government has accumulated approximately 198,000 to 205,000 Bitcoins through law enforcement actions, mainly from cracking down on cybercrime activities such as "Silk Road." The market is closely watching how these assets will be disposed of in the future.

In the business world, MicroStrategy stands out with its continuous accumulation strategy, currently holding between 576,000 and 639,000 Bitcoins, making it the most famous Bitcoin holder among publicly traded companies. The world's largest asset management company, BlackRock, holds a large amount of Bitcoin for institutional clients through its spot ETF (IBIT), estimated to be between 375,000 and 736,000, and its influence cannot be underestimated.

The cold wallet of the cryptocurrency exchange Binance holds approximately 248,000 to 765,000 Bits. Although most of it is user assets, the flow of funds still reflects the overall trend of the platform. Another US-listed exchange, Coinbase, not only holds about 12,000 Bits in its own account but also provides custody services for many institutions, including ETFs, with a custody volume exceeding 900,000.

The Chinese government has reportedly seized about 194,000 Bitcoins by cracking down on criminal activities such as PlusToken, but its specific disposal plan has not been made public. Grayscale, as an early institutional investment tool, despite experiencing some outflows after converting to an ETF, still holds a considerable amount of between 232,000 and 628,000 Bitcoins.

In addition to these main holders, there are many publicly traded companies, investment institutions, and early participants such as Tesla and the Winklevoss twins, whose holdings range from thousands to tens of thousands of coins, collectively forming an important foundation for the Bitcoin market.

The presence of these large-scale holders not only highlights Bitcoin's status as a store of value and investment tool but also underscores the concentration in the market. Their investment decisions and capital flows often trigger market fluctuations, significantly impacting the price trends of Bitcoin. Therefore, closely monitoring the movements of these "whales" is crucial for understanding and predicting changes in the Bitcoin market.