Update
Galaxy Research Finds Over 11 Million Unattributed Bitcoin
Galaxy Research has found that over 11.1 million Bitcoin (BTC), representing approximately 55% of all mined coins, cannot be linked to a known owner. This highlights the difficulty in identifying Bitcoin ownership despite growing institutional adoption, including spot exchange-traded funds (ETFs), corporate holdings, and professional custody services. The remaining 45% of mined supply has been attributed to identifiable holders or groups, such as cryptocurrency exchanges, investment funds, government wallets, and early-mining addresses associated with the Patoshi pattern.