According to a report by Cointelegraph, Gemini research shows that centralized institutions (including governments, exchange-traded funds, and public companies) currently control 30.9% of bitcoin's circulating supply, which is about $668 billion. According to research by Gemini and Glassnode, the total number of bitcoins held by these institutions has reached 6.10 million, an increase of 924% from a decade ago. Of these, centralized exchanges account for about half of the holdings. The study also found that across institutional categories, the top three entities control between 65% and 90% of total holdings, indicating that early adopters are still shaping the institutional market structure. The report notes that government-held bitcoin wallets "move very little and have little correlation to the bitcoin price cycle", but holding enough assets could affect the market. The study argues that the market is undergoing a structural shift towards institutional maturity as nearly a third of the circulating bitcoin supply is held by centralized institutions.