Bitcoin Holding Structure Is Shifting Toward More Concentrated Top Holders

According to data compiled by blockchain research firm River, by 2025, the 21 largest Bitcoin holders worldwide have accumulated a total of 476,000 BTC over the past year. This large-scale accumulation has become a decisive force influencing the market supply and demand structure.

Data shows that among these top holders (including individuals, publicly listed companies, national funds, private enterprises, etc.), there was a net increase of over 476,000 BTC throughout 2025. Based on year-end prices, the total value of this new holding is approximately $40 billion.

Among the top holders, Satoshi Nakamoto remains the largest Bitcoin holder, currently holding about 968,000 BTC (accounting for 4.61% of the total supply);

Next is Strategy, which increased its holdings by approximately 226,000 BTC in 2025, bringing its total holdings to 672,000 BTC (3.20% of the total supply), further solidifying its position as the world's largest publicly listed company Bitcoin holder;

Third is the U.S. government, which increased its holdings by 130,000 BTC in 2025, reaching a total of 338,000 BTC (1.56% of the total supply).

It is reported that the U.S. government’s additional holdings were not acquired through active market purchases but through asset confiscations, reflecting the government's intervention in such assets.

Notably, the combined holdings of these top holders amount to 2.75 million BTC, about 13.1% of the total Bitcoin supply, indicating a high level of market concentration.

Market analysts believe that these holders generally prefer long-term holding rather than short-term trading, objectively locking in a large amount of market liquidity and reducing the actual circulating supply in the secondary market.

In summary, this holding data clearly reveals that Bitcoin is transitioning from a retail-dominated speculative market to a long-term value-oriented asset class with deep participation from governments, institutions, and whale entities.

This fundamental shift in ownership structure is the key context for understanding the current market entering a sideways consolidation and slow bottoming phase.

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