Glassnode x Gemini:
2025 Trends Report

An institutional-grade deep dive into how the U.S. Strategic Bitcoin Reserve and growing custodial concentration are reshaping the bitcoin market.

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A global crypto platform, Gemini offers a wide range of simple, reliable, and secure crypto products and services to professional traders and institutions across more than 70 countries.

Institutional investors leverage Glassnode's industry-leading on-chain analytics to gain unique insights into capital flows, asset fundamentals, and market sentiment in Bitcoin, Ethereum, Solana, and more.

The report covers:

Strategic Bitcoin Reserve

Analysis of the SBR’s creation, structure, its role in legitimizing bitcoin as a sovereign asset.

Volatility & Market Structure

A look at realized volatility trends across timeframes and what they suggest about market maturity.

Custodial
Centralization
A breakdown of 216 institutional BTC holders: across ETFs, exchanges, companies, governments.
Off-Chain
Shift

Data on the growing dominance of ETFs, CEXs, and derivatives in BTC trading volumes.

Sovereign
Holdings

An overview of sovereign bitcoin treasuries and their impact on market structure.

Capital Multiplier Effect

A framework for estimating how capital inflows translate into market cap expansion.

Key structural shifts shaping Bitcoin in 2025

Here’s a preview of the most important themes from our 17-page Gemini x Glassnode report.

Sovereign treasuries are anchoring long-term supply

Governments like the U.S., El Salvador, and Bhutan are now strategic holders of bitcoin. Their passive, long-term custody plays a growing role in market psychology and liquidity.

Institutional custody now dominates the Bitcoin landscape

216 centralized entities—including ETFs, exchanges, and corporates—now hold over 30% of BTC supply. The report breaks down their influence by category and size.

BTC Price Performance Since Cycle Low Chart by Glassnode

Offchain markets drive the majority of BTC volume

More than 75% of bitcoin trading now occurs through offchain venues like ETFs and CEXs. This shift is redefining price discovery and execution infrastructure.

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Disclaimer: The information contained in this report is meant for informational purposes only and should not be interpreted as investment advice.

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