Bitcoin Self-Custody Reaches 45.6% of Supply as Exchange Holdings Decline
Recent on-chain data reveals a significant shift in how Bitcoin is held, with self-custody now accounting for 45.6% of the cryptocurrencys maximum supply of 21 million coins. According to the latest figures, approximately 9.57 million $BTC is held directly by individuals and entities, marking a notable preference for personal control over third-party custody. Breakdown of Bitcoin Holdings Of the total self-custodied amount, 7.95 million $BTC (37.9%) is considered actively held by owners, while 1.62 million $BTC (7.7%) is estimated to be permanently lost due to forgotten keys, misplaced wallets, or other reasons. In contrast, exchanges and custodians collectively hold 7.57 million $BTC (36.1%), with exchanges accounting for 2.91 million $BTC (13.9%) and custodians holding 4.66 million $BTC (22.2%). Additionally, indirect holdings through financial products such as exchange-traded funds (ETFs), funds, and Bitcoin treasury companies represent 2.93 million $BTC (13.9%). The remaining 932,000 $BTC (4.4%) has yet to be mined, reflecting the gradual issuance schedule of new coins. Implications for Market Dynamics This distribution highlights a growing trend toward self-custody, a movement often driven by concerns over exchange solvency and regulatory uncertainty. The collapse of several major crypto platforms in recent years has reinforced the importance of holding assets directly, as users seek to mitigate counterparty