Svmuu According to a report by research and brokerage firm Bernstein, Bitcoin holdings that have not moved for over a year account for 60% of the total supply. This ownership structure is unique to Bitcoin, indicating the presence of a group of long-term "believers"—they are insensitive to Bitcoin's volatility and hold it as a "store of value." This situation occurs against the backdrop of Bitcoin's performance lagging significantly behind gold last year. Nearly 14% of Bitcoin is held by ETFs, digital asset treasuries (including Strategy companies), and governments. Bitcoin's resilient capital base is expanding.