Galaxy Research: Over Half of Bitcoin Supply Defies Ownership Tracking

Galaxy’s October snapshot reveals that while 45% of mined Bitcoin is attributed to exchanges, governments, and investment funds, the remaining 11.1 million coins lack confirmed labels. Alex Thorn, head of research at Galaxy, suggests that a significant volume of this supply likely rests in personal, self-custodial wallets. However, the exact composition of this unidentified pool remains speculative, as it potentially includes early-era mining rewards, institutional wallets that have escaped public scrutiny, and assets that are permanently lost due to missing private keys.

Tracing Bitcoin’s ownership is inherently complex due to the pseudonymous nature of public blockchain ledgers. While firms map transaction histories to identify major holders, they cannot always discern whether multiple addresses belong to a single individual or if an institution is distributing holdings to obscure its footprint. Recent activity underscores this difficulty; Galaxy tracked six dormant wallets that moved over 553 BTC in August after more than a decade of silence, yet the identities of the owners behind these legacy addresses remain unconfirmed. As financial giants like BlackRock continue to aggregate massive institutional positions, the persistent volume of unattributed Bitcoin highlights a fundamental divide between the network’s original self-custody ethos and the growing influence of professional financial intermediaries.