For all the fanfare around spot Bitcoin ETFs and corporate treasury strategies, the biggest whale in the room has been hiding in plain sight: regular people holding their own keys.
River Financial’s custody report reveals that self-custodied Bitcoin holdings now exceed $800 billion, nearly three times the roughly $300 billion held collectively by spot Bitcoin ETFs and corporate and government Bitcoin treasuries. Individuals control approximately 65.9% of the circulating supply, or about 13.83 million BTC sitting in non-custodial wallets.
The numbers behind the narrative
The report also highlights a declining share of Bitcoin held on exchanges, meaning that even among individuals who initially buy through centralized platforms, many are choosing to withdraw to personal wallets.
River’s own positioning
