Galaxy Research’s October snapshot found that about 11.1 million BTC, or roughly 55% of the nearly 20.1 million Bitcoin mined so far, sits in addresses that cannot be linked to exchanges, funds, governments, or other known entities, according to CoinDesk. Alex Thorn, head of research at Galaxy, said the figure suggests that even as institutional participation has grown, a large share of Bitcoin may still be held in self-custody by individuals. Xapo Bank took a similar reading, saying the data reflects retail participation built up over more than a decade. At the same time, the report said the unattributed share should not be treated as entirely long-term personal holdings. It may also include coins that are inaccessible because private keys were lost or holders died, positions held by institutions or over-the-counter desks that Galaxy has not yet identified, and custodial assets spread across multiple addresses. The remaining 45% has known attribution, including exchanges, ETFs issued by firms such as BlackRock, and the U.S. government. The single largest holder in that group is "Satoshi Nakamoto (Patoshi pattern)," with 1,123,658 BTC.
About 11.1 million BTC, or roughly 55% of the nearly 20.1 million Bitcoin mined so far, is held in addresses that cannot be tied to exchanges, funds, governments, or other known entities, according to CoinDesk, citing Galaxy Research’s October snapshot.
Alex Thorn, Galaxy’s head of research, said the data shows that despite rising institutionalization, a large amount of Bitcoin may still be self-custodied by individuals. Xapo Bank said the same trend points to retail participation that has been building for more than a decade.
The report also said that this unattributed portion should not be viewed as entirely belonging to long-term individual self-custody holders. It may include coins that can no longer be accessed because private keys were lost or the holders died, positions held by institutions or over-the-counter trading desks that Galaxy has not identified, and custodial assets distributed across multiple addresses.
The remaining 45% has known attribution, including exchanges, ETFs issued by firms such as BlackRock, and the U.S. government. Within that group, the single largest holder is "Satoshi Nakamoto (Patoshi pattern)," with 1,123,658 BTC.
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