Report: CEXs, ETFs, and Derivatives Dominate Bitcoin Transactions

Glassnode's latest report provides a data-driven assessment of the impact of the "U.S. Strategic Bitcoin Reserve," with key points including:

1. Centralized treasuries—including government agencies, ETFs, and publicly listed companies—currently control 30.9% of Bitcoin's circulating supply, marking a deepening shift toward institutional-grade infrastructure.

2. Centralized exchanges, U.S. spot crypto ETFs, and regulated derivatives platforms now account for over 75% of Bitcoin's adjusted transfer volume, a significant increase compared to previous years.

3. Bitcoin volatility is on a downward trend, and its integration with traditional finance is making price movements more aligned. 4. For sovereign allocators such as strategic Bitcoin reserves, investments have the potential to generate up to 25-fold short-term market cap expansion.