Analysis How BTC Holding Works.

River's research, published on X and dated August 25, 2025, analyzes Bitcoin ownership by grouping supply into segments such as individual holdings, businesses, ETFs/funds, governments, lost coins, and Satoshi/Patoshi holdings. The study finds that individuals hold about 65.9% (13.83 million BTC) of the circulating supply, while institutions (businesses and ETFs) control approximately 14% combined. Additional categories like lost BTC (7.6%), Satoshi holdings (4.6%), and yet-to-be-mined coins (5.2%) round out the distribution.
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