Doesn’t appear to be as bad as you think. The bitcoins had to come from somewhere—it’s not like they can just print more of it. Prior to institutional/business/government ownership increases, individuals were the primary holders.

That said, I think the bigger concern has to do with “who” is securing the network. My hope is that individuals do not leave that to the businesses and governments of the world. My hope is that there would be an increase in individual-operated bitcoin nodes and mining operations. I don’t think there is, unfortunately, but that is the graph that I think would be the most concerning.

Everyone should be running at least one bitcoin node. I currently have 2 full nodes and 2 pruned nodes. Unfortunately electricity is too expensive where I live, so mining is not something I can do without bleeding serious money.