According to @glassnode in partnership with @Gemini, Bitcoin (BTC) is transitioning into a new phase characterized by increased holdings in centralized treasuries, with 30.9% of all BTC now managed by sovereign entities, ETFs, and institutions. The report highlights that these strategic Bitcoin reserves are contributing to a downward trend in BTC volatility, signaling a maturing market landscape and potentially more stable trading opportunities for investors. These structural shifts are likely to influence liquidity and price discovery in both spot and derivatives markets (source: glassnode, June 20, 2025).