Bitwise: A massive transfer of BTC from retail to institutional investors is currently underway
2025-10-29 03:12:36
According to André Dragosch, head of European research at Bitwise, Bitcoin is being distributed from early retail investors to institutional investors such as funds/ETPs, corporations, and governments. Unlike other traditional asset classes throughout history, the adoption of Bitcoin began with retail investors such as cypherpunks and early adopters before institutional investors such as family offices, fund managers, and ETFs started making their first investments in Bitcoin. Even today, the share of BTC owned by individual investors is still around 66%. This means that the vast majority of Bitcoin is still controlled by non-institutional investors, and "we are still in the early stages" when it comes to institutional adoption. Despite this, there is currently a massive shift of BTC from retail to institutional investors. Institutional investors (ETPs and treasury companies) currently hold about 12.5% of the supply of BTC, and this number is growing rapidly. This shift will not happen overnight, it is a long-term trend. And this "big shift" ultimately means that the BTC price needs to be higher to incentivize the rotation of BTC from early retail investors to institutional investors.
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