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

BlockBeats news, October 26: Galaxy Research's October snapshot shows that of the approximately 20.1 million mined Bitcoin, about 11.1 million (approximately 55%) are held in addresses that cannot be associated with exchanges, funds, governments, or other known entities. Alex Thorn, head of research at Galaxy, said this indicates that despite increasing institutionalization, a large amount of Bitcoin may still be self-custodied by individuals. Xapo Bank believes this reflects that retail investors have been in the market for more than a decade.

However, this unattributed portion of Bitcoin does not all belong to individuals who have self-custodied for the long term. It may also include coins that are inaccessible due to lost private keys or the death of holders, holdings of institutions or over-the-counter dealers not yet identified by Galaxy, and custodial assets spread across multiple addresses. The remaining 45% has been attributed, including exchanges, ETFs from issuers such as BlackRock, and the U.S. government; among them, the single largest holder is "Satoshi Nakamoto (Patoshi pattern)," with 1,123,658 BTC.