Shark Wallets Now Hold a Record 26.3% of Bitcoin’s Supply
Bitcoin’s ownership map has shifted since spot exchange-traded funds launched in January 2024: wallets holding between 100 and 1,000 BTC — the “shark” tier — now control a record 26.3% of the total supply, even as the share held by smaller wallets has fallen, Yahoo Finance reported, citing on-chain analysis originally published by Benzinga.
Since the ETFs began trading, shark wallets have accumulated roughly 1.35 million BTC, lifting their share from 20.1% at launch. Meanwhile, wallets holding fewer than 10 BTC have added about 5.7 million addresses but shed approximately 133,000 BTC in combined holdings, leaving them with 17.1% of supply — down from a peak of 18.3% on Jan. 1, 2024.
Why Small Wallets Are Shrinking
A growing number of individual investors now hold Bitcoin through brokerage accounts and ETF shares instead of wallets they control directly. Because ETF custodians hold coins on behalf of many clients, those holdings show up as larger addresses rather than small personal wallets — meaning on-chain data can understate actual retail demand.
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The data tracks wallet addresses, not individual owners. A single large address can belong to an exchange or an ETF custodian holding Bitcoin for many customers, so the figures show where coins sit on-chain, not who owns them or why they moved.
Where the Bitcoin Actually Sits
Visible institutions hold roughly 3.28 million BTC, about 16.3% of the circulating supply. Spot ETFs account for 41% of that institutional total, and corporate treasuries for 40.1%. At the other end of the scale, wallets holding more than 1,000 BTC have given up approximately 487,000 BTC since the ETF launch — a transfer of coins that aligns with the growth of institutional custody and mid-sized accumulation.
A Tighter Pool of Tradable Coins
Tom, the founder of Onchainmind.io, estimates that about 13.3 million BTC — roughly two-thirds of all mined Bitcoin — could realistically change hands, excluding coins believed lost, long-dormant holdings, and known institutional or government reserves. Because some categories overlap, that figure is an upper bound. A tighter tradable supply can amplify the price effect of new demand, but it cuts both ways: companies under financial pressure could sell, and ETF investors can redeem.
Drawdowns Have Been Getting Shallower
Bitcoin’s bear-market declines have attenuated over time: 85% in 2015, 83% in 2018, and 77% in 2022. The last drawdown reached 53% from the October 2025 high to the June 2026 low, according to the analysis provided.
FAQ
The on-chain data shows no clear evidence of that. More retail coins may simply be held through ETF custodians and brokerage accounts, which appear as larger wallet addresses rather than the small wallets used to measure direct ownership.
Onchainmind.io’s Tom estimates about 13.3 million BTC — roughly two-thirds of all mined coins — could realistically be traded, after excluding lost coins, dormant holdings, and known institutional and government reserves.
Wallets holding more than 1,000 BTC have shed approximately 487,000 BTC since spot ETFs launched in January 2024, while the 100-to-1,000 BTC cohort added about 1.35 million BTC over the same period.
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