Over 11 Million Bitcoin Held in Unattributed Wallets, Galaxy Research Shows

unattributed Bitcoin wallets — New data from Galaxy Research reveals that over half of all mined Bitcoin is held in wallets that cannot be linked to any known entity, suggesting a significant portion of the supply remains in the hands of self-custodying individuals.

According to the firm’s October snapshot, approximately 11.1 million BTC, or 55% of the roughly 20.1 million coins mined, is classified as unattributed. These holdings are not associated with identifiable exchanges, funds, governments, or other known institutional entities.

The large volume of unattributed coins indicates that retail investors using self-custody methods have been a persistent force in the Bitcoin market for years, even as institutional adoption has grown. This challenges the narrative that institutions now dominate Bitcoin ownership.

Analysts note that the unattributed total likely includes a mix of coins held by unidentified institutions, assets in complex custody arrangements, and a portion that is permanently lost. The data underscores the inherent privacy and decentralization of Bitcoin’s ownership structure, which persists despite its mainstream financial integration.