Five Years on Wall Street: New Crypto4me Study Tracks Bitcoin’s Transformation

Five years after the first US bitcoin-linked ETF began trading, bitcoin’s biggest change may be who holds it. Crypto4me has published Five Years of Bitcoin in the Mainstream, a study examining how the cryptocurrency has moved further into traditional finance. Funds, companies and governments now hold nearly one fifth of all bitcoins, while annual volatility in 2025 was roughly half its 2021 level. The full study is available on the crypto4me website.

The price alone offers a less dramatic picture: bitcoin rose from about $64,000 when the first US bitcoin-linked ETF launched in October 2021 to approximately $86,000 on 2 October 2026, an increase of around 34%. The study looks beyond those two prices to examine changes in ownership, market value and the scale of price swings.

“If we look only at the price five years ago and the price today, we miss much of what has changed. Bitcoin has become accessible through the same investment accounts people use for shares and funds. That has opened the door to pension funds, university endowments and other institutional investors, even though it has not removed the risk,” says Miloš Mázor, CEO of Madison Six.

The turning point came after the first ETF

The first milestone was the launch of the ProShares Bitcoin Strategy ETF (BITO) on 19 October 2021. It brought a bitcoin-linked product to the US stock market, but the fund held futures contracts rather than bitcoin itself. The study identifies a more direct shift in January 2024, when US regulators approved spot bitcoin ETPs that buy and hold the cryptocurrency.

According to the data cited in the study, ETFs and similar funds worldwide hold about 1.49 million bitcoins, and listed and private companies hold another 1.65 million. Together, they account for roughly 15% of all coins in existence. Government holdings add approximately 3%, bringing the combined share close to one fifth. The study notes that most government holdings came from seizures, rather than investment purchases.

Who holds bitcoin, then and now

ETFs and other fundsEnd of 2021: 0.65 million (3%)¹

October 2026: 1.49 million (7%)

Companies (listed and private)End of 2021: 0.25 million (1%)²

October 2026: 1.65 million (8%)

GovernmentsEnd of 2021: 0.32 million (2%)⁴

October 2026: 0.52 million (3%)

Everyone else (individuals, exchanges, miners, lost coins)End of 2021: about 94%³

October 2026: about 82%³

Bitcoins held; share of all coins in existence at the time in brackets. ¹ Grayscale Bitcoin Trust only. ² Listed companies only, approximate. ³ Includes coins locked in “wrapped bitcoin” services for crypto apps (DeFi), about 0.27 million in 2026. ⁴ Estimate based on known seizures in China, the US and the UK. Sources are listed in the Study.

A calmer market can still lose half its value

Annual volatility was approximately 42% in 2025, roughly half its 2021 level. Yet the 53% decline between October 2025 and June 2026 shows why smaller average price swings do not mean protection against deep losses.

“A calmer market is not the same as a safe investment. Greater institutional participation changes how bitcoin is held and traded, but investors still need to be prepared for substantial losses,” Mázor adds.

Growing institutional interest was also one of the reasons crypto4me launched its OTC desk for larger cryptocurrency transactions. The service is designed for institutions, corporate treasury managers, funds and high-net-worth individuals.

The study uses data as of 2 October 2026 and covers bitcoin’s price, total market value, ownership and volatility. Read Five Years of Bitcoin in the Mainstream, including the full data tables and sources, on the crypto4me website: https://crypto4me.eu/en/article/five-years-of-bitcoin-in-the-mainstream.