Data: More than half of the Bitcoin supply remains undisclosed, and most of it is held by individuals who maintain their own servers.

Alex Thorn, the head of research at Galaxy Research, published an article on October 14th, stating that more than half of Bitcoin’s supply remains in addresses with no known ownership. This trend has continued even as institutional and centralized holdings have increased over the years. He believes that a significant portion of Bitcoin is still held by individuals through self-managed wallets, and possibly even the majority of the total supply. According to the supply attribution chart released by Galaxy Research, at block height 971,382, approximately 20.098 million BTC were unspent. Of this, about 55.1% or 11.1 million BTC belonged to addresses with no known ownership. Among the identified holders, exchange platforms accounted for about 17.9%, while ETFs and funds accounted for around 6.0%. Patoshi-related mining models accounted for approximately 5.6%. Other holders included custody services, miners, and companies. In terms of the identified holdings, companies like Coinbase, BlackRock IBIT, Binance, Fidelity Custody, and Strategy remain among the top holders.