Over 11 million bitcoin has no known owner. Here's what it means
Source: CoinDesk ·
From the source
The large number of coins held in unidentified wallets shows that retail investors have been in this market for years, observers said. But this interpretation comes with a caveat. Bitcoin BTC $84,459.46 is no longer a fringe asset but one with growing acceptance on Wall Street. Yet those tracking blockchain data still can't link most BTC to a known owner. About 11.1 million BTC, roughly 55% of the supply, was classified as unattributed in Galaxy’s October snapshot. Those coins could belong to individuals, institutions the firm hasn’t identified or holders who can no longer access them. Galaxy’s head of research, Alex Thorn, sees the figure as evidence that self-custody remains widespread, with people keeping control of their bitcoin keys despite the growth of exchanges, funds and institutional custodians. "More than half of all BTC supply is sitting in addresses with no known attribution despite all the institutionalization and centralized ownership over the years, still a ton of…