Individuals control 66.1% of Bitcoin's circulating supply, according to Bitwise's Q3 2026 Crypto Market Review, far exceeding institutional holdings across all categories combined.
Businesses hold 7.8% of the supply, while funds and exchange-traded funds account for 7.2%, the analysis shows. The remaining supply is distributed among miners, exchanges, and other entities. Bitwise's methodology relied on public wallet data, on-chain analysis, and corporate and fund disclosures to classify holdings by owner type.
Individual wallet holders remain the largest constituency by a significant margin despite the expansion of institutional custody solutions and spot Bitcoin ETF approvals in major markets over the past two years. U.S. spot Bitcoin ETFs launched in January 2024 and have since accumulated significant assets.
Bitwise, which operates a Bitcoin mini trust and publishes regular crypto market analyses, based these figures on holdings snapshots as of the report's release. The firm distinguishes between active individual investors and businesses by analyzing transaction patterns and public company disclosures, though some holdings may be classified conservatively where wallet ownership is ambiguous.
The data shows Bitcoin's structure as a decentralized asset where ownership can be tracked on-chain but not always attributed with complete certainty. Large exchanges and custodians hold Bitcoin on behalf of multiple clients, meaning the raw chain data does not always clarify the ultimate beneficial owner.
