- About 11.1 million BTC, roughly 55% of bitcoin’s supply, was classified as unattributed in Galaxy’s October snapshot, meaning blockchain trackers still cannot link it to a known owner. Those coins could belong to individuals, institutions Galaxy hasn’t identified, or holders who can no longer access them.
- Galaxy head of research Alex Thorn said the figure shows self-custody remains widespread despite the growth of exchanges, funds and institutional custodians, writing that “still a ton of bitcoin (maybe even most) is held by individuals in self-custody.” Self-custody means holding your own bitcoin keys instead of leaving coins with an exchange or fund.
- The finding contrasts with the narrative of bitcoin becoming a Wall Street-owned asset. Bitcoin-focused Xapo Bank replied that the large number of coins in unnamed wallets shows retail investors “have been here for over a decade,” with institutions still catching up.
- CoinDesk cautioned that the entire unnamed 55% doesn’t necessarily belong to individuals holding their own coins for the long term, since some could sit with institutions Galaxy hasn’t yet identified. Research firms like Galaxy try to put names to addresses by tracking wallets known to belong to exchanges, funds and other big holders.
What Happened?
Galaxy’s October data snapshot found that about 11.1 million BTC, roughly 55% of the total supply, sits in addresses with no known attribution. Thorn posted the finding on X, arguing that despite years of institutionalization and centralized ownership, much of the supply is still held by individuals. A bitcoin address works like a public account number: anyone can see the balance, but the owner’s identity is hidden unless analysts can tie it to a known entity.
Why It Matters?
For investors, the figure is a reminder that the visible holdings of ETFs, exchanges and corporate treasuries describe less than half of the market. A large, unidentified base of long-term holders can act as a stabilizer, but it also means a meaningful supply could come to market from sellers no one is tracking. It also complicates analyses of how concentrated bitcoin ownership has become as Wall Street adoption grows.
What’s Next?
Watch future Galaxy snapshots for whether the unattributed share keeps shrinking as more wallets are identified and as institutions keep buying. The debate also matters for policy, since the prevalence of self-custody is central to how regulators and custodians approach bitcoin. Near term, bitcoin’s price action is being driven more by the Fed and the AI trade than by on-chain ownership trends, after it slipped below $80,000 on Monday.
