Over 11 Million Bitcoin Remain Unattributed Despite Wall Street Buying

More than 11.1 million Bitcoin (BTC), representing approximately 55% of all mined coins, cannot be linked to a known owner, according to an October ownership snapshot from Galaxy Research. The findings highlight how Bitcoin ownership remains difficult to identify despite growing institutional adoption, including spot exchange-traded funds (ETFs), corporate holdings, and professional custody services. TL;DR 11.1 million BTC remain unattributed: Galaxy Research estimates that approximately 55% of Bitcoin’s mined supply cannot be linked to a known entity. Institutional adoption hasn’t solved ownership attribution: Exchanges, ETFs, and governments account for part of the identified supply, while many wallet addresses remain unidentified. Unknown doesn’t mean lost: The figure may include individual holdings, inaccessible coins, and institutional wallets that researchers have not identified.

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