A recent research collaboration between Gemini and Glassnode has unveiled that centralized entities, including governments, exchange-traded funds (ETFs), and publicly traded companies, collectively hold 30.9% of the Bitcoin in circulation. This equates to approximately 6.1 million coins, valued at roughly $668 billion. This statistic underscores a pivotal shift towards institutional-level maturity within the Bitcoin ecosystem. Notably, centralized exchanges account for approximately half of these holdings. The report also highlights that the top three entities control between 65% and 90% of the total holdings, suggesting that early adopters continue to dominate the institutional market landscape. Furthermore, while governments hold Bitcoin that is relatively less active in trading, the sheer magnitude of their holdings could potentially exert a significant influence on the market.