A new dataset shared by River highlights a major structural shift in Bitcoin ownership: ETFs and publicly traded companies now collectively hold more BTC than centralized exchanges.
The crossover marks one of the most important developments in Bitcoin’s supply distribution since institutional accumulation began accelerating in late 2020.
A Historic Shift in Where Bitcoin Is Stored
The chart shows that centralized exchanges once held close to 3 million BTC, with balances steadily rising between 2018 and 2020. After reaching a multi-year plateau, exchange reserves began to decline, especially from 2022 onward, reflecting a consistent movement of coins into long-term storage, ETFs, and corporate treasuries.
Meanwhile, holdings by ETFs and public companies remained comparatively small prior to 2020. That changed rapidly with the launch of U.S. spot Bitcoin ETFs and the expansion of corporate accumulation strategies. The black line in the chart captures this rise clearly, showing ETF and corporate holdings climbing from under 500,000 BTC in 2020 to over 2 million BTC by late 2024 and into 2025.
By the most recent data point, ETF and corporate reserves surpassed exchange balances, signaling a profound supply-side transformation.
What the Crossover Means for the Market
The shift suggests that a growing share of Bitcoin is now held by long-term, non-trading entities, reducing the pool of coins available for immediate sale. With ETFs continuously acquiring BTC and corporations increasingly treating Bitcoin as a treasury asset, fewer coins remain on exchanges for traders and speculators.
This dynamic supports a tightening supply environment, especially during periods of rising demand. Historically, declines in exchange balances have aligned with stronger medium-term price performance as circulating liquidity decreases.
The new data reinforces the narrative that Bitcoin’s supply base is transitioning from short-term holders to institutional, long-term custodians, with ETFs now serving as one of the primary drivers of accumulation.