Data: More than half of Bitcoin supply still has no known ownership, most may be held in personal self-custody

October 14: Alex Thorn, Head of Research at Galaxy Research, posted that despite the rise in institutionalization and centralized holdings in recent years, more than half of the Bitcoin supply is still held in addresses with no known attribution. In his view, a significant portion—perhaps even the majority—of Bitcoin is still held by individuals through self-custody.

According to the supply attribution chart released by Galaxy Research, at block height 971,382, with an unspent supply of approximately 20.098 million BTC, "unattributed" accounts for about 55.1% (roughly 11.1 million coins); among the labeled portion, exchanges account for about 17.9%, ETFs and funds about 6.0%, Patoshi (a mining pattern associated with Satoshi Nakamoto) about 5.6%, followed by custodians, miners, companies, and others. In terms of labeled holdings, Coinbase, BlackRock IBIT, Binance, Fidelity Custody, Strategy, and others remain at the top.