Over 11 million bitcoin has no known owner. Here’s what it means

Over 11 million bitcoin has no known owner. Here’s what it means

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Bitcoin BTC$84,459.46 is no longer a fringe asset but one with growing acceptance on Wall Street.

Yet those tracking blockchain data still can’t link most BTC to a known owner.

About 11.1 million BTC, roughly 55% of the supply, was classified as unattributed in Galaxy’s October snapshot.

Those coins could belong to individuals, institutions the firm hasn’t identified or holders who can no longer access them.

Galaxy’s head of research, Alex Thorn, sees the figure as evidence that self-custody remains widespread, with people keeping control of their bitcoin keys despite the growth of exchanges, funds and institutional custodians.

“More than half of all BTC supply is sitting in addresses with no known attribution despite all the institutionalization and centralized ownership over the years, still a ton of bitcoin (maybe even most) is held by individuals in self-custody,” Thorn wrote on X.

Self-custody means holding your own bitcoin keys rather than leaving coins with an exchange or a fund.

Xapo Bank, a bitcoin-focused bank, replied to Thorn’s post, saying that large number of coins held in unnamed wallets is a sign that retail investors have been here for over a decade.

Bitcoin is often seen as the first market that grew from the bottom up: Retail investors began trading, and institutions then embraced it.

“And why bitcoin is for the people and people ‘can be their own bank’ Retail have been here for over a decade.

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