Baker's TakeMajority of Bitcoin Supply Belongs to Individual Investors, New Bitwise Data Finds
By
Mr Bagel
New data from digital asset manager Bitwise shows that individual investors collectively hold 66.1% of the total Bitcoin supply, a figure that dwarfs the stakes of businesses and investment funds. The analysis, based on public wallet data, onchain analysis, and corporate disclosures, provides a rare snapshot of who actually owns the world's largest cryptocurrency, according to reports from BitcoinWorld, news.bitcoin.com, and atlas21.com.
"underscoring the cryptocurrency’s continued retail-driven ownership base"
Despite the proliferation of spot Bitcoin ETFs and other institutional products, the data reveals that retail investors remain the dominant force in Bitcoin ownership. Businesses account for just 7.8% of the supply, while funds and ETFs hold only 7.2%, according to news.bitcoin.com and bitcoin.com.
"shows that Bitcoin remains a retail-dominated asset despite the rise of institutional investment vehicles"
The findings challenge the narrative that institutions are taking over Bitcoin, showing instead that private individuals still command the vast majority of coins in circulation. Atlas21.com characterized the distribution as one where "institutions remain a structural minority," underscoring how retail ownership continues to shape the asset's decentralized character.
Bitwise's breakdown relied on a combination of wallet tracking, onchain metrics, and publicly disclosed holdings from companies and funds, lending credibility to figures that have long been subject to speculation. The data reaffirms that even as Wall Street enters the space, the Bitcoin supply remains overwhelmingly in the hands of individuals.
The reporting
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