Galaxy: Approximately 11.1 million Bitcoin cannot be linked to known holders, accounting for 55% of the total mined supply.

According to CoinDesk, Galaxy Research's October snapshot reveals that of the approximately 20.1 million mined bitcoins, around 11.1 million (roughly 55%) reside at addresses that cannot be linked to exchanges, funds, governments, or other known entities. Alex Thorn, head of Galaxy Research, noted that this suggests that despite growing institutionalization, a significant volume of bitcoin likely remains self-custodied by individuals. Xapo Bank, meanwhile, views this as evidence that retail investors have been participating in the market for over a decade. However, not all of these unattributed bitcoins necessarily belong to individuals practicing long-term self-custody. This group may also include coins rendered inaccessible due to lost private keys or deceased holders, holdings from institutions or OTC traders yet to be identified by Galaxy, and custodied assets spread across multiple addresses. The remaining 45% has clear ownership attribution, encompassing exchanges, ETFs issued by issuers such as BlackRock, and the US government; among them, the single largest holder is "Satoshi (Patoshi pattern)", holding 1,123,658 BTC.