Bitcoin power map reconstruction: Who controls the future of digital gold?

Nakamoto 2025-10-28 02:26 34731人围观 BTC

Article editor: cxj7514 Hello everyone! I am A Bing, a model mentor in a software development company with more than 400 people. I will help you unlock all kinds of business mysteries. When the market value of Bitcoin exceeds the US$2.15 trillion mark in

Article editor: cxj7514

Hello everyone! I am A Bing, a model mentor in a software development company with more than 400 people. I will help you unlock all kinds of business mysteries.

When the market value of Bitcoin is When it exceeds the US$2.15 trillion mark in 2025, this crypto asset, once regarded as a "symbol of the decentralized revolution", is undergoing profound changes in its ownership structure. From the mysterious founder to Wall Street capital tycoons, from sovereign countries to listed companies, Bitcoin’s wealth landscape is undergoing an unprecedented centralization shift.

As of October 2025, the world's top ten Bitcoin holders control a total of approximately 3.5 million BTC, accounting for nearly 17% of the total circulation. What this data reflects is the historic transformation of crypto assets from grassroots dispersed holdings to institutional centralized management.

Global Currency Holding Power List: Distribution of the Top Ten Players

By integrating holding data at the individual, institutional and national levels, the current Bitcoin ownership pattern shows the characteristics of diversification and high concentration:

1. Satoshi Nakamoto (anonymous individual): holds 1.1 million BTC, with a market value of approximately US$131 billion, accounting for 5.2% of the total. As the creator of Bitcoin, his 22,000 early mining addresses have never been traded since 2009, becoming a core symbol of market scarcity. Based on current valuation, he has become the 11th richest person in the world.

2. Binance (exchange custody): holds 550,100 BTC, corresponding to a market value of US$60.51 billion. As the world's largest crypto trading platform, more than 90% of its positions are assets under user custody, and the over-collateralization mechanism with a reserve rate of 111.6% ensures asset security.

3. BlackRock (Institutional ETF): Its iShares Bitcoin ETF holds 700,300 units with a market value of US$77.03 billion. This traditional asset management giant created a record of capital inflows in the history of ETFs - attracting US$6.35 billion in a single month in May 2025, of which more than 60% came from traditional financial institutions such as banks and insurance companies, opening up a trillion-level capital channel for Bitcoin.

4. MicroStrategy (listed company): holds 499,100 BTC, with a market value of US$54.9 billion. As the "first Bitcoin stock", its encrypted assets account for 92% of the company's total assets. In 2025, the rise in Bitcoin prices pushed the company's stock price to soar by 370%, with unrealized gains reaching US$23.1 billion.

5. Grayscale projection zi (Trust Fund): Holds 263,800 BTC, with a market value of US$29.02 billion. This long-established institution is facing transformation pressure, and its holdings have shrunk significantly from 630,000 BTC in 2024. It is currently fully promoting the approval of trust-to-spot ETFs. If it fails, it may trigger a redemption wave of 200,000 BTC.

6. The U.S. government (sovereign country): holds 213,200 BTC, with a market value of US$23.46 billion. These assets mainly come from the seizure of black assets, including 144,000 coins recovered in the Silk Road darknet case and 48,000 coins recovered in the Bitfinex hacker case. In 2025, the United States will classify it as a "special asset", allowing federal retirement funds to be allocated, forming an indirect endorsement at the official level.

7. The Chinese government (sovereign country): holds 190,000 BTC, with a market value of US$20.9 billion. This strategic reserve under the Administration of Foreign Exchange is scattered in more than 100 cold wallets with no public transaction records. The industry estimates that the holding cost is US$30,000-40,000. The current floating profit exceeds US$13 billion and is mainly used to hedge the risk of US dollar reserves.

8. Fidelity Investments (institutional ETF): holds 181,200 BTC, with a market value of US$19.93 billion. Its 100% physical delivery model and compliant custody system have made it the mainstream choice for high-net-worth customers to allocate Bitcoin, and its security has been recognized by the traditional financial industry.

9. Block.one (technology company): holds 164,000 BTC, with a market value of US$18.04 billion. As an ecological developer of the EOS blockchain, these positions are strategic reserve assets. In 2025, due to the rise of Bitcoin, the floating profit will exceed US$9.2 billion.

10. Coinbase (exchange custody): holds 140,000 BTC, with a market value of US$15.4 billion. As a benchmark for compliance exchanges in the United States, its user asset reserve rate reaches 103.6%, and its regularly disclosed third-party audit reports strengthen market trust.

The Legacy of the Anonymous Whale: The Market Impact of Satoshi Nakamoto’s Positions

Blockchain analytics company Arkham's tracking data shows that the 1.096 million Bitcoins held by Satoshi Nakamoto (about 5% of the total) constitute the most interesting "sleeping assets" in the encryption market.

These Bitcoins, which have never moved since the genesis block, are equivalent to injecting a permanent scarcity anchor into the market.

The recent incident of Salomon Brothers trying to claim 2.33 million "abandoned Bitcoins" has once again triggered market panic about changes in whale holdings - analysts warned that if Satoshi Nakamoto's address suddenly moves positions, it may cause Bitcoin to plummet by more than 30% in a single day, but the more likely method of realization is to split and transfer through the Lightning Network rather than direct selling.

The wave of institutionalization: traditional capital’s "Coin Swallowing Game"

The biggest change in Bitcoin’s ownership structure lies in the large-scale entry of traditional financial institutions:

BlackRock’s Breakthrough: In just one year, BlackRock became a key player in the Bitcoin market through the iShares ETF. The core of its success lies in opening up the channel between traditional finance and crypto-assets. The continuous inflow of funds from banks, pension funds and other institutions has gradually separated Bitcoin from its marginal asset positioning.

MicroStrategy's big bet: CEO Michael Thaler's aggressive strategy transforms the company into a "Bitcoin reserve machine." In Q3 of 2025, the company issued another US$1 billion in bonds and increased its holdings of 4,225 BTC at a price of US$74,000 per coin. This "all in" strategy not only drove the stock price to skyrocket, but also deeply bound the company's destiny to Bitcoin.

Grayscale’s transformation dilemma: As a former leader in institutional holdings, Grayscale lost a large number of customers due to spot ETF competition, and its GBTC holdings shrank by more than 60%. The result of its current application for "trust to ETF" will directly determine the future fate of this established institution.

The question of decentralization: the reconstruction of the identity of digital gold

The current market is facing sharp questions: Bitcoin or "Decentralized? Data shows that the top ten holders control 13.7% of Bitcoins. If the 1.2 million user assets hosted by the exchange are included, the proportion controlled by centralized entities is close to 20%.

But the other side of the contradiction is that on-chain data shows that 80% of BTC have been held for more than one year, and the proportion of long-term holders has reached a record high, which means that the market is shifting from short-term speculation to long-term value storage.

As crypto analysts Alex said: "Satoshi Nakamoto's 1.1 million BTC have never been touched, BlackRock's 700,000 BTC are increasing their holdings, and the government's 400,000 BTC are locked up - Bitcoin is becoming 'Digital Gold 2.0' rather than a decentralized currency.

"This shift from grassroots revolution to institutional consensus may be redefining the future shape of crypto assets.

The code of the genesis block is still circulating on the chain, Wall Street funds continue to pour in, and the cold wallets of sovereign countries remain silent. ——The power chess game of Bitcoin not only hides the original intention of decentralization left by Satoshi Nakamoto, but also is filled with the practical considerations of institutions and countries.

When the label of "digital gold" gradually replaces the definition of "cryptocurrency", this reconstruction of ownership may not be the end, but a new starting point for the integration of crypto assets into the global financial system.

Regarding the future of Satoshi Nakamoto’s holdings, the boundaries of institutional capital, and the direction of national strategy, every variable will affect the direction of this digital revolution, and the market’s answer is still brewing over time.

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Special statement: The above data are business models and data analyzed through public information on the Internet. The editor does not assume any responsibility for the authenticity of the data. , the editor does not participate in the operation of any analyzed projects, does not promote projects for a fee, and does not conduct private evaluations of projects. (The above analysis is only used as a reference for model cases for development demanders. If there is any violation of regulations or infringement of rights, please contact the author to delete it! ) Don’t disturb players, don’t disturb players, don’t disturb players.

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