Galaxy: ~11.1 Million Bitcoin Unlinked to Known Holders, 55% of Total Mined Supply

According to CoinDesk, Galaxy Research's October snapshot shows that of approximately 20.1 million mined Bitcoin, about 11.1 million (approximately 55%) are held at addresses that cannot be linked to exchanges, funds, governments, or other known entities. Galaxy's Head of Research, Alex Thorn, stated that this indicates that despite increasing institutionalization, a significant amount of Bitcoin may still be self-custodied by individuals. Xapo Bank believes this reflects retail investors having been in the market for over a decade. However, this unallocated portion of Bitcoin does not entirely belong to long-term self-custody individuals; it may also include coins inaccessible due to lost private keys or holder deaths, holdings by institutions or over-the-counter dealers not yet identified by Galaxy, and custodial assets dispersed across multiple addresses. The remaining 45% is attributed, including exchanges, ETFs from issuers like BlackRock, and the U.S. government; among them, the single largest holder is "Satoshi Nakamoto (Patoshi pattern)," holding 1,123,658 BTC.