News · Bitcoin
Around 11.1 million BTC cannot be tied to known entities, underscoring the persistence of self-custody and lost coins despite institutional inflows.
Key point 1 of 3
01
Galaxy Research found that 11.1 million BTC (55% of mined supply) sits in unlabelled addresses.
Key point 2 of 3
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The unattributed pool includes retail self-custody, lost early coins, and unmapped private funds or OTC desks.
Key point 3 of 3
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Known entities accounting for the remaining 45% include BlackRock ETFs, the US government, and 1,123,658 BTC in Patoshi pattern wallets.
Context
Rapid institutional adoption and spot ETF approvals over recent years concentrated significant trading volume onto Wall Street platforms.
Why it matters
Market liquidity may be thinner than total capitalization implies, as a majority of supply remains locked in private self-custody, lost wallets, or non-custodial storage.
What to watch
Galaxy Research and onchain intelligence desks monitoring wallet attribution shifts and movement within dormant or early Satoshi-era blocks.
Sources
Built from 1 primary source, machine-checked before publication.
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