According to an October snapshot from Galaxy Research, 11.1 million BTC, or approximately 55% of the 20.1 million Bitcoin mined, cannot be linked to a known owner. The remaining 45% is attributed to identifiable entities, including exchanges, investment funds, government wallets and addresses associated with the Patoshi mining pattern. Unattributed does not necessarily mean lost: the Bitcoin may belong to individuals using self-custody, unidentified institutions or holders who have lost their private keys. The expansion of ETFs, corporate treasury strategies and professional custody services therefore has not resolved the difficulty of determining who controls each wallet address.
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