Self-custodied Bitcoin holdings exceed $800 billion, nearly three times the roughly $300 billion held by spot Bitcoin ETFs and corporate and government treasuries. According to River Financial’s report, individuals control approximately 65.9% of the circulating supply, or about 13.83 million BTC held in non-custodial wallets. This trend has been driven by the collapse of custodial platforms including FTX, Mt. Gox, Celsius and BlockFi, prompting many investors to withdraw their assets to personal wallets. With roughly 13.83 million BTC locked in self-custody out of a total supply of approximately 19.8 million coins, the liquid market is significantly thinner than the total supply figure suggests.
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