The United States controls the largest share of the Bitcoin circulating supply, India holds the second-largest share, while Europe follows closely behind.
According to the 2025 estimate shared by Fred Krueger, the United States’ Bitcoin holdings are worth an estimated 7.8 million BTC out of the 19.5 million in circulation. This represents 40% of the circulating supply. A combination of retail investors, institutional funds, ETFs, and custodial services fuels the country’s dominance.
At $120,000 per BTC valuation, the U.S. holdings are valued at roughly $936 billion. While Bitcoin trades lower than this valuation, this figure reflects an increasing adoption through regulated products like Bitcoin ETFs. For context, U.S. Bitcoin ETFs saw net inflows of $6.02 billion in July, making it the third best month after February and November 2024.
India Bitcoin Holdings Rank Second with Retail-Driven Growth
India holds 1 million BTC, accounting for 5.1% of the total supply. While the country’s regulatory environment remains uncertain, its user base continues to expand rapidly.
Most Indian holders are retail investors with small average balances. Still, the country’s volume places it ahead of Europe, China, and other global regions. India’s Bitcoin holdings are valued at $120 billion based on the same price assumption.
Europe, China, Latin America, and Asia Trail Behind in Bitcoin Control
Notably, Europe holds an estimated 900,000 BTC, or 4.6% of the supply, worth $108 billion. The region shows a mix of retail and institutional ownership, though it remains behind India in total volume. Fred opines that the continent is not significantly involved in comparison to the U.S.
Meanwhile, the Chinese government holds around 194,000 BTC, or 1% of the total. These coins were seized and are mostly dormant. The value of these holdings is estimated at $23.3 billion.
Latin America and Asia (excluding India and China) each hold about 400,000 BTC (2.1%). Their holdings, valued at $48 billion each, are attributed mainly to strong grassroots usage. Meanwhile, Africa and other regions combine for 300,000 BTC, representing 1.5% of the total.
Dormant and Lost Bitcoin Reduces Active Supply
A significant portion of Bitcoin is no longer in active circulation. An estimated 3 million BTC (15.4%) is believed to be permanently lost, which could be due to misplaced private keys or inactive wallets.
Meanwhile, Satoshi Nakamoto’s known wallets contain 1.1 million BTC (5.6%), which have never moved. These coins are assumed to be inaccessible.
Another 1.5 million BTC (7.7%) have remained dormant for over 10 years, likely held by early adopters. Together, these three categories account for about 28.7% of the total supply, severely limiting available liquidity.
An additional 1 million BTC (5.1%) is held by unattributed custodians, including exchange wallets and over-the-counter (OTC) pools. Third parties control these coins and are not directly attributed to individual users.