Galaxy Research estimates that approximately 11.1 million BTC, representing 55% of the roughly 20.1 million bitcoins mined to date, are held by addresses that cannot be linked to any known entity. The remaining 45% is attributed to identified platforms, funds, companies and governments, while approximately 1.12 million BTC are associated with the “Patoshi pattern,” a hypothesis linking certain early mining activity to Satoshi Nakamoto. Galaxy Research’s Alex Thorn argues that this unattributed portion reflects the persistence of self-custody despite the growth of ETFs and corporate treasuries. These bitcoins are not necessarily lost: they may remain accessible to their owner, belong to unidentified institutions, or become inaccessible if their keys are destroyed, forgotten or not passed on.
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