Galaxy Research Finds 55% of Bitcoin Supply Remains Unidentified

Approximately 11.1 million Bitcoin, or 55% of the roughly 20.1 million mined to date, sit in addresses with no known entity attribution, according to Galaxy Research. The remaining 45% of supply is accounted for by identifiable entities, including centralized exchanges, government holdings, and spot ETFs holding over 1.28 million BTC. Known holdings also include approximately 1.12 million BTC tied to Satoshi Nakamoto's Patoshi mining pattern. Analysts noted that unattributed coins remain spendable rather than permanently removed from circulating supply, encompassing retail self-custody, unidentified institutional cold storage, and lost private keys.