Over half of Bitcoin’s supply sits in wallets with no known owner
+2 new sources since this summary was written
Galaxy Research identified that about 11.1 million BTC, representing 55 % of the roughly 20.1 million mined coins, are held in addresses that cannot be linked to exchanges, funds, governments or other known entities. The firm’s head of research, Alex Thorn, said the figure suggests that self‑custody by individuals remains widespread despite growing institutional participation. The unidentified holdings may also include lost coins, institutional wallets that Galaxy has not identified, or assets spread across complex custody structures.
Why it matters
Thorn’s analysis implies that retail investors may still control a majority of Bitcoin, which could affect expectations about future demand for custodial services and exchange‑based trading. The large share of unattributed coins also signals that any shift in self‑custody behavior could materially impact market liquidity.
Key facts
- 1About 11.1 million BTC, or 55 % of the roughly 20.1 million mined, is held in addresses with no known attribution. coindesk.com
- 2The total Bitcoin supply is approximately 20.1 million BTC. coindesk.com
- 3Galaxy Research’s head of research, Alex Thorn, said the figure shows self‑custody remains widespread. coindesk.com
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.