INSIGHT: Institutions hold about 3.88M Bitcoin, or 18.5% of the 21M supply cap

INSIGHT: Institutional holders now control roughly 3.88 million bitcoin:native, equal to 18.5% of Bitcoin's 21 million supply cap. Public companies account for about 1.24 million bitcoin:native (5.9%), with @Strategy holding approximately 844,000 bitcoin:native, or around 4% of total supply. ETFs hold about 1.32 million bitcoin:native (6.3%), led by @BlackRock's IBIT at roughly 811,000 bitcoin:native. Governments hold an additional ~650,000 BTC (3.1%).