Just caught River's latest research on bitcoin ownership distribution and it's pretty interesting. Turns out individuals still dominate the market with roughly 66% of BTC holdings, which is way more than I expected given all the institutional hype lately.

Breaking down the numbers: individuals control around 13.83 million coins, while institutions are slowly climbing up. ETFs and funds have grabbed about 7.8%, businesses hold 6.2%, and governments only have 1.5%. There's also this chunk of lost bitcoin (7.6%) that probably won't move again, plus Satoshi's original stash at 4.6%.

What caught my eye is that even though individuals still lead, the institutional share is definitely growing. ETFs especially seem to be pulling in more capital. The research is based on public filings and address tracking, so it's more of an educated estimate than a precise on-chain count.

Also saw that Bhutan quietly dumped about 70% of its bitcoin holdings over the past months. Down from 13,000 BTC to under 4,000. Looks like their mining operations have slowed too. Interesting shift for a country that was pretty bullish on crypto not long ago. Shows how bitcoin ownership distribution keeps shifting, even at the government level.