🔍 The ownership landscape of Bitcoin is undergoing a significant transformation. The latest data reveals a noteworthy phenomenon: currently, over 30% of circulating Bitcoins are controlled by only 216 centralized entities, a staggering figure that reflects a major shift in market structure.

This shift is mainly reflected in two aspects: first, the acceptance of Bitcoin by institutions is accelerating; second, the degree of centralization of custody services is continuously increasing.

With the vigorous development of institutional-grade custody services, we have observed an increasingly evident trend of centralization in Bitcoin control. While this evolution has created strategic opportunities, it also raises questions about the future direction of the decentralized concept.

Data shows that exchanges, investment funds, corporate entities, and government agencies are gradually increasing their Bitcoin holdings. The continued possession of a significant portion of the circulating supply by these institutional holders raises the question of whether it will have a positive or negative impact on the Bitcoin ecosystem. This is a question worth deep consideration by market participants.

One of the long-term value propositions of Bitcoin is its decentralized nature, but the current trend of ownership concentration seems to contradict this idea to some extent. However, institutional participation has also brought more market stability and legitimacy, which may be necessary for the mature development of the ecosystem.