55% of Bitcoins on Unknown Addresses

11.1 million Bitcoins, accounting for about 55% of all mined resources, are located on addresses without clear identification. Researchers cannot link these wallets to exchanges, funds, or governments. Alex Thorn from Galaxy Research notes that the high share of unknown addresses indicates a strong practice of self-custody of private keys. The Xapo Bank team emphasizes that retail investors have been building the market for over a decade, while traditional institutions have joined relatively recently. However, it is worth noting that some of these Bitcoins may be considered lost due to lost keys or forgotten passwords. Many coins mined in the early days of the blockchain remain dormant. The remaining 45% of the supply is controlled by known entities, including exchanges and ETF funds. Satoshi Nakamoto remains the largest holder with 1.12 million Bitcoins. Reduced liquid supply combined with increasing demand may impact the asset's valuation.

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