Over 11 million BTC can't be linked to any known owner
Summary
Galaxy’s October snapshot classified about 11.1 million BTC, or 55% of supply, as unattributed to known owners. Galaxy research head Alex Thorn says this suggests self-custody remains widespread despite growing institutional adoption. However, unnamed coins may also include lost holdings, unidentified institutions, early miners and complex custody arrangements. The remaining 45% is attributed to known entities, including exchanges, ETFs, the U.S. government and the Satoshi-era miner pattern, which Galaxy lists separately.
