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About 11.1 million BTC, or 55% of the 20.1 million Bitcoin mined so far, is held in wallets not linked to exchanges, funds or governments, Galaxy Research found, according to CoinDesk.
Galaxy Research interpreted the data as showing that more than half of Bitcoin’s total supply remains at addresses with unidentified owners even after substantial transfer into institutional hands, indicating self-custody is still common. CoinDesk added that those addresses also include wallets tied to lost keys, deceased holders and hard-to-track custody addresses such as over-the-counter trading desks. The outlet said the known 45% is held by exchanges, spot ETFs, the U.S. government and Bitcoin creator Satoshi Nakamoto, among others.