Galaxy: approximately 11100000 bitcoins cannot be linked to known holders, accounting for 55%
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AT A GLANCE
Galaxy said that approximately 11100000 bitcoins cannot be linked to known holders.
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Galaxy: approximately 11100000 bitcoins cannot be linked to known holders, accounting for 55%BlockBeats reports that October 26，Galaxy Research October The snapshot shows that, among approximately 20100000 mined bitcoins, approximately 11100000(approximately 55%) are held at addresses that cannot be linked to exchanges, funds, governments, or other known entities. Alex Thorn, head of research at Galaxy, said this indicates that despite increasing institutionalization, a large amount of bitcoin may still be self-custodied by individuals. Xapo Bank believes this reflects the fact that retail investors have been entering the market for more than years.
However, not all of these unassigned bitcoins belong to individuals who have held them in self-custody over the long term. They may also include coins that are inaccessible because their private keys were lost or their holders died, holdings of institutions or over-the-counter traders not yet identified by Galaxy, and custodial assets spread across multiple addresses. The remaining 45%have already been attributed, including ETF held by issuers such as exchanges and BlackRock, as well as the U.S. government; the single largest holder is “Satoshi Nakamoto (Patoshi pattern),” holding 1,123,658 BTC.
Original link https://m.theblockbeats.info/flash/373706
Key points
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Galaxy Research October The snapshot shows that, among approximately 20100000 mined bitcoins, approximately 11100000(approximately 55%) are held at addresses that cannot be linked to known entities.
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Known entities to which addresses can be linked include exchanges, funds, governments, and other entities.
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Alex Thorn said that a large amount of bitcoin may be self-custodied by individuals; Xapo Bank believes this reflects the fact that retail investors have been entering the market for more than years.
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Unassigned bitcoins may also include coins that are inaccessible because their private keys were lost or their holders died, holdings of institutions or over-the-counter traders not yet identified, and custodial assets spread across multiple addresses.
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The remaining 45%have already been attributed, including ETF held by issuers such as exchanges and BlackRock, as well as the U.S. government; Satoshi Nakamoto (Patoshi pattern) holds 1,123,658 bitcoins BTC。
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This is a snapshot of Bitcoin address attribution: researchers can identify which entities some addresses belong to, but approximately 55%of the addresses cannot currently be matched to known holders. Lack of identification does not mean that all these bitcoins are held by individuals; they may also include lost assets or institutional holdings that have not yet been identified.
Why it matters to readers
It reflects that a substantial portion of Bitcoin holdings remains difficult to identify, but the evidence does not show new buying or selling or an immediate change in supply and demand.
When you see “cannot be linked,” do not interpret it directly as “held by individuals” or “a reduction in circulating supply”; address attribution itself is uncertain.
Risks and unknowns
The specific proportions of individual self-custody, lost assets, institutional holdings, and custodial assets among unassigned bitcoins are unknown.
The report did not elaborate on Galaxy’s methodology for identifying addresses in the snapshot.
The report was based on a retelling of a Galaxy Research snapshot; the full original report was not provided in the evidence.
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Related concepts
Self-custody
Self-custody is a way for users to protect and manage their assets themselves while retaining direct control over them.
