The BTC Register

The split

Retail vs institutions

Nobody can count household bitcoin. We subtract what we can name from circulating supply, then subtract a lost-coin assumption. What remains is implied retail.

  • Implied retail14,068,067 70.1%
  • Lost (assumption)3,700,000 18.4%
  • Corporate treasuries1,282,501 6.4%
  • Funds (IBIT floor)802,823 4.0%
  • Governments (incomplete)217,143 1.1%
  1. Circulating 20,070,534
  2. − Lost assumption 3,700,000
  3. − Corporate treasuries 1,282,501
  4. − Funds floor (IBIT) 802,823
  5. − Governments (incomplete) 217,143
  6. = Implied retail 14,068,067 (70.1% of circulating)

Named institutions are 2,302,467 BTC, 11.5% of circulating — before the lost haircut. If we omitted the haircut, retail would look larger than it is.

Funds are a floor, not a total. Other spot ETFs exist. Until those issuer pages are ingested, implied retail is overstated.