Over 11 Million Bitcoin Has No Known Owner, Galaxy Research Finds
Galaxy Research's October snapshot classified about 11.1 million bitcoin, roughly 55% of supply, as unattributed, meaning it could not be linked to an exchange, fund, government or other known entity. Observers say this suggests self-custody remains widespread, though the figure may also include lost coins and unidentified institutional holdings.
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About 11.1 million bitcoin, or roughly 55% of the supply, was classified as unattributed in Galaxy's October snapshot, according to CoinDesk. Those coins could belong to individuals, institutions the firm hasn't identified, or holders who can no longer access them.
Galaxy's head of research, Alex Thorn, sees the figure as evidence that self-custody remains widespread despite the growth of exchanges, funds and institutional custodians, CoinDesk reported. Xapo Bank, a bitcoin-focused bank, replied to Thorn's post saying the large number of coins in unnamed wallets is a sign retail investors have been present for over a decade.
CoinDesk reported a caveat: the entire unnamed 55% stack doesn't necessarily belong to individuals holding their own coins for the long term. It could include coins that are likely lost, in wallets whose owners forgot their keys or passed away, coins mined in bitcoin's early years by miners other than the one behind the Patoshi pattern, holdings of institutions Galaxy hasn't identified such as funds, companies and OTC desks, or coins spread across complex custody setups.
The other 45% does have names attached, CoinDesk reported, including exchanges, ETFs led by BlackRock, the U.S. government and the single biggest holder listed as the Satoshi-era miner pattern at 1,123,658 BTC, which Galaxy counts separately.
Original sources
- CoinDesk ↗ (opens in a new tab)
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