Report: CEX, ETFs, and Derivatives Dominate Bitcoin Transfers

The latest report from Gemini and Glassnode provides a data-driven assessment of the impact of the "US Strategic Bitcoin Reserve", including:
Centralized treasuries, including government entities, ETFs, and listed companies, currently control 30.9% of bitcoin's circulating supply, marking a deepening shift towards institutional-grade infrastructure.
2. Centralized exchanges, U.S. spot cryptocurrency ETFs, and regulated derivatives platforms currently account for more than 75% of bitcoin's adjusted transfer volume, a significant increase from previous years.
3. Bitcoin's volatility is on a downward trend, and its integration with traditional finance has made price movements more consistent.
4. For sovereign allocators like strategic bitcoin reserves, investing has the potential to generate short-term market cap expansion of up to 25 times.