According to online reports, according to Cointelegraph, the Gemini research report shows that centralized institutions (including governments, exchange-traded funds and listed companies) currently control 30.9% of the circulating supply of Bitcoin, or approximately US$668 billion. According to research by Gemini and Glassnode, the total number of bitcoins held by these institutions has reached 6.1 million, an increase of 924% from a decade ago. Among them, centralized exchanges account for about half of the holdings. The study also found that among institutional categories, the top three entities control 65% to 90% of total holdings, indicating that early adopters are still shaping institutional market structures. The report pointed out that government-held bitcoin wallets "rarely move and have little correlation with the bitcoin price cycle," but holding enough assets could affect the market. Research believes that with nearly one-third of the Bitcoin circulation supply held by centralized institutions, the market is undergoing a structural shift towards institutional maturity.