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

on October 26, citing CoinDesk, that Galaxy Research's October snapshot shows that out of approximately 20.1 million mined bitcoins, around 11.1 million (approximately 55%) are associated with addresses that cannot be linked to exchanges, funds, governments, or other known entities. Alex Thorn, head of research at Galaxy, stated that this indicates that despite increasing institutionalization, a substantial amount of bitcoin may still be held in self-custody by individuals. Xapo Bank, meanwhile, views this as reflecting the fact that retail investors have been entering the market for over a decade.

However, this portion of unattributed bitcoins does not all belong to individuals practicing long-term self-custody. It may also include coins rendered inaccessible due to lost private keys or deceased holders, positions held by institutions or OTC traders not yet identified by Galaxy, and custodial assets distributed across multiple addresses. The remaining 45% has already been attributed to exchanges, ETFs issued by providers such as BlackRock, and the U.S. government; among these, the single largest holder is "Satoshi (Patoshi pattern)", holding 1,123,658 BTC.