Galaxy Research: 55% of Bitcoin Supply Remains Unattributed
Galaxy Research estimates that 11.1 million Bitcoin cannot be linked to any known individual or institution, highlighting the scale of self-custody.
More than 11 million Bitcoin have remained outside the ownership records of major blockchain research firms, with Galaxy Research estimating that 55% of the cryptocurrency's circulating supply cannot be linked to any known individual or institution. According to data published by Biggo, roughly 11.1 million BTC remain unattributed despite years of institutional buying, the launch of spot Bitcoin ETFs, and the growing number of companies offering cryptocurrency custody services.
Ownership Distribution and Self-Custody
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Galaxy's head of research Alex Thorn stated that the figures suggest individual investors may still control a substantial amount of Bitcoin through personal wallets without relying on exchanges or financial institutions. The unidentified holdings could include lost Bitcoin, coins mined in the network's early years, and institutional wallets that researchers have yet to identify. By contrast, the remaining 45% of the mined supply includes holdings attributed to exchanges, Bitcoin ETFs, governments, and early miners associated with the Satoshi era.
Tracking Challenges and Historical Context
Bitcoin transactions are recorded on a public blockchain where wallet addresses and balances can be examined without knowing the identity of the person controlling the funds. Research firms identify major holders by connecting addresses to entities whose holdings can be established through available records. However, an unattributed address does not necessarily represent an individual investor, as single persons can control multiple wallets and institutions may distribute holdings across numerous addresses.
Key facts
- Galaxy Research estimates 11.1 million Bitcoin cannot be linked to known owners.
- Unattributed holdings represent 55% of the cryptocurrency's circulating supply.
- Known holders and identifiable groups account for the remaining 45% of Bitcoin supply.
- BlackRock’s iShares Bitcoin Trust held approximately 814,263 BTC in tracked investment products.
Source: news.google.com
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