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According to recent data visualized by the financial firm River, retail investors currently hold over two-thirds of all Bitcoin in circulation, despite growing institutional interest in the cryptocurrency.

根据金融公司河的最新数据，尽管对加密货币的机构兴趣日益增加，但目前，零售投资者目前占据了所有比特币的三分之二。

River’s analysis, dated July 14, 2025, indicates that individual wallets control approximately 14 million BTC. This significantly surpasses the combined holdings of corporations, investment funds, and governments. These institutional entities collectively account for roughly 13.8% of the total Bitcoin supply, suggesting that mainstream financial institutions are still in the process of significantly increasing their Bitcoin allocations.

2025年7月14日的River分析表明，单个钱包控制约1400万BTC。这大大超过了公司，投资基金和政府的综合股份。这些机构实体共同占比特币供应总额的13.8％，这表明主流金融机构仍在显着增加其比特币分配。

The report highlights this difference as a potential strategic disadvantage for larger institutions. Retail users had a considerable head start, accumulating Bitcoin for over 15 years before major financial players began entering the market. Now, institutions seeking to establish a significant position must navigate a market characterized by potentially limited liquidity and upward price pressure.

该报告强调了这种差异是对较大机构的潜在战略劣势。零售用户有一个相当大的开端，在主要财务参与者开始进入市场之前积累了15年以上的比特币。现在，寻求建立重大立场的机构必须在潜在的流动性和向上价格压力的情况下导航市场。

Adding to the perception of scarcity are substantial portions of the total Bitcoin supply that are either dormant or inaccessible. An estimated 1.6 million coins are considered permanently lost. Additionally, approximately 968,000 BTC – potentially mined by Bitcoin's pseudonymous creator, Satoshi Nakamoto – have never been transferred. With just over 1 million BTC remaining to be mined, the opportunity for large-scale accumulation is diminishing.

除了稀缺性的看法外，还有休眠或无法接近的总比特币供应。估计有160万枚硬币被认为永久丢失。此外，大约968,000 BTC - 可能由比特币的假名创作者Satoshi Nakamoto开采 - 从未被转移过。剩下超过100万BTC待开采，大规模积累的机会正在减少。

Government holdings remain relatively small according to River's estimates, with approximately 314,000 BTC attributed to national treasuries. While independent trackers suggest potentially larger holdings, particularly for countries like the U.S. and China, River's model utilizes a conservative definition based solely on officially recognized wallets.

根据河的估计，政府持有量相对较小，大约314,000 BTC归因于国家国库。虽然独立的跟踪器建议可能更大的持股，尤其是对于像美国和中国这样的国家，但River的模型仅基于正式认可的钱包，采用了保守的定义。

As Exchange Traded Fund (ETF) inflows and corporate treasury allocations increase, pressure on the available circulating Bitcoin supply is likely to intensify. If this trend persists, the next phase of Bitcoin's development may be defined not by early adopters, but by the extent to which late entrants are willing to pay to acquire Bitcoin.

随着交易所交易基金（ETF）的流入和公司财政分配的增加，对可用循环比特币供应的压力可能会加剧。如果这种趋势持续存在，那么比特币开发的下一个阶段可能不是早期采用者定义的，而是在晚期参赛者愿意为购买比特币付费的程度上定义。