Over 11 Million Bitcoin Remain Unattributed Despite Wall Street Buying

Bitcoinist10-27 20:26

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure More than 11.1 million Bitcoin (BTC), representing approximately 55% of all mined coins, cannot be ...

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Ad Disclosure\n\nMore than 11.1 million Bitcoin (BTC), representing approximately 55% of all mined coins, cannot be ...</p>\n\n<a href=\"https://bitcoinist.com/over-11-million-bitcoin-remain-unattributed-despite-wall-street-buying/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"HODL","symbol_name":"比特币ETF-VanEck","start_time":0,"source_url":"https://bitcoinist.com/over-11-million-bitcoin-remain-unattributed-despite-wall-street-buying/","article_id":"2678066041","we_media_id":null,"thumbnails":["https://bitcoinist.com/wp-content/uploads/2026/10/Over-11-Million-BTC-Unattributed-350x250.png"],"rights":{"source":"bitcoinist_highlight","url":"https://bitcoinist.com/over-11-million-bitcoin-remain-unattributed-despite-wall-street-buying/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2678066041","pubTimestamp":1793103992,"columns":[],"sourceInfo":{"source_id":"bitcoinist_highlight","name":"Bitcoinst"},"weMediaInfo":null,"summary":"More than 11.1 million Bitcoin (BTC), representing approximately 55% of all mined coins, cannot be linked to a known owner,...","collect":0,"end_time":0,"defaultTopTitle":"bitcoinist.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"HODL":"比特币ETF-VanEck","MNRS":"GRAYSCALE BITCOIN MINERS ETF","CBOJ":"Calamos Bitcoin Structured Alt Protection ETF - January","CBTA":"Calamos Bitcoin 80 Series Structured Alt Protection ETF – April","BCCC":"Global X Bitcoin Covered Call ETF","BTCL":"T-REX 2X LONG BITCOIN DAILY TARGET ETF","BITX":"2倍比特币期货ETF-Volatility Shares","CBTJ":"Calamos Bitcoin 80 Series Structured Alt Protection ETF - January","BTCO":"比特币ETF-Invesco Galaxy","BITY":"Amplify Bitcoin 2% Monthly Option Income ETF","QBF":"Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly","BITB":"比特币ETF-Bitwise","CBOO":"Calamos Bitcoin Structured Alt Protection ETF - October","SBIT":"2倍做空比特币期货ETF-Proshares","CBTO":"Calamos Bitcoin 80 Series Structured Alt Protection ETF - October","EZBC":"比特币ETF-Franklin","BITC":"Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF","BETE":"等权重比特币&以太币期货ETF-ProShares","BFJL":"FT Vest Bitcoin Strategy Floor15 ETF - July","FBTC":"比特币ETF-Fidelity","BTF":"比特币&以太币期货ETF-CoinShares","DEFI":"比特币期货ETF-Hashdex","CBTY":"Calamos Bitcoin 80 Series Structured Alt Protection ETF - July","BETH":"比特币&以太币期货ETF-ProShares","BTCW":"比特币ETF-Wisdom Tree","CBXA":"Calamos Bitcoin 90 Series Structured Alt Protection ETF – April","BITI":"1倍做空比特币期货ETF-Proshares","CBOY":"Calamos Bitcoin Structured Alt Protection ETF - July","BTCZ":"T-Rex 2X Inverse Bitcoin Daily Target ETF","CBXJ":"Calamos Bitcoin 90 Series Structured Alt Protection ETF - January","BITO":"比特币期货ETF-ProShares","MAXI":"比特币期货ETF-Simplify","BTRN":"比特币期货ETF-Global X","IBIT":"比特币ETF-iShares","BTC":"Grayscale Bitcoin Mini Trust","XBTY":"GraniteShares YieldBOOST Bitcoin ETF","DFII":"FT Cboe Vest Bitcoin Strategy & Target Income ETF","BRRR":"比特币ETF-CoinShares","GBTC":"比特币ETF-Grayscale","BPI":"Grayscale Bitcoin Premium Income ETF","BFAP":"FT Vest Bitcoin Strategy Floor15 ETF - April","BAGY":"Amplify Bitcoin Max Income Covered Call ETF","BTCC":"Grayscale Bitcoin HIGH Income ETF","YBTC":"比特币看涨期权ETF-Roundhill","CBOA":"Calamos Bitcoin Structured Alt Protection ETF - April","BITU":"2倍做多比特币期货ETF-Proshares","BTCI":"NEOS Bitcoin High Income ETF","ARKB":"比特币ETF-21Shares"},"translate_title":"尽管华尔街买入，仍有超过 1100 万比特币未归属","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CBOA":0.6,"CBTY":0.6,"BRRR":0.6,"CBXA":0.6,"CBXJ":0.6,"HODL":0.6,"XBTY":0.6,"EZBC":0.6,"IBIT":0.6,"YBTC":0.6,"BTCW":0.6,"MNRS":0.6,"BFJL":0.6,"CBOY":0.6,"CBTJ":0.6,"BTCZ":0.6,"CBOO":0.6,"FBTC":0.6,"SBIT":0.6,"ARKB":0.6,"BITI":0.6,"GBTC":0.6,"CBOJ":0.6,"CBTA":0.6,"BTCO":0.6,"BITC":0.6,"BETH":0.6,"BTC":0.6,"BPI":0.6,"BITO":0.6,"BITY":0.6,"DFII":0.6,"BTF":0.6,"CBTO":0.6,"MAXI":0.6,"BFAP":0.6,"BITU":0.6,"BITB":0.6,"BAGY":0.6,"BTCL":0.6,"DEFI":0.6,"QBF":0.6,"BITX":0.6,"BCCC":0.6,"BETE":0.6,"BTRN":0.6,"BTCI":0.6,"BTCC":0.6},"content_text":"Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure\n\nMore 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.\nTL;DR\n\n11.1 million BTC remain unattributed: Galaxy Research estimates that approximately 55% of Bitcoin’s mined supply cannot be linked to a known entity.\nInstitutional adoption hasn’t solved ownership attribution: Exchanges, ETFs, and governments account for part of the identified supply, while many wallet addresses remain unidentified.\nUnknown doesn’t mean lost: The figure may include individual holdings, inaccessible coins, and institutional wallets that researchers have not identified.\n\nGalaxy Research Finds 55% of Bitcoin Supply Unattributed\nGalaxy Research estimates that approximately 11.1 million BTC out of roughly 20.1 million mined coins sit in addresses it cannot connect to an exchange, investment fund, government, or another known entity.\n\n\n\n\n\n\nAlex Thorn, Galaxy’s head of research, said the findings suggest that individual investors may still control a substantial portion of Bitcoin through self-custody, where holders manage their own private keys rather than relying on exchanges or financial institutions.\nThe remaining approximately 45% of mined supply has been attributed to identifiable holders or groups. These include cryptocurrency exchanges, investment funds, government wallets, and early-mining addresses associated with the Patoshi pattern.\nThe figures show that expanding institutional participation has not eliminated the challenges of identifying who controls individual Bitcoin addresses.\n\n\n\n\n\n\n\n\n\n\n\n\nWhy Bitcoin Ownership Is Difficult to Identify\nBitcoin’s blockchain records transactions and wallet balances publicly, but addresses do not automatically reveal the identities of their owners.\nResearch firms identify major holders by analyzing transaction histories and linking addresses to entities whose ownership can be established through public records, disclosures, or other evidence.\n\n\n\n\n\n\n\n\n\n\n\n\nHowever, a single individual can control multiple wallets, while an institution may distribute assets across numerous addresses or use third-party custody arrangements. These practices can make ownership attribution more complicated.\nThe distinction is important because an unattributed wallet does not necessarily belong to a retail investor. It simply means researchers have not established a reliable connection between the address and a known entity.\nReaders can follow related developments through Bitcoinist’s Bitcoin coverage.\nUnattributed Bitcoin Could Include Lost Coins\nGalaxy’s estimate does not mean that 11.1 million BTC have been permanently lost or are inaccessible.\nSome coins may belong to holders who retain control of their private keys but have not publicly disclosed their holdings. Others could be held by unidentified institutions, private trading desks, or companies whose wallet addresses have not been linked to their names.\nThe total may also include coins that owners can no longer access because they lost their private keys or died without leaving recovery instructions.\nGalaxy separately identifies approximately 1,123,658 BTC associated with the Patoshi mining pattern, which researchers link to early Bitcoin mining activity and commonly associate with Satoshi Nakamoto. That classification is based on historical blockchain analysis rather than independently confirmed real-world identity.\nWall Street’s Bitcoin Holdings Continue to Expand\nInstitutional investors have become increasingly visible in Bitcoin markets through spot ETFs, corporate treasury strategies, and professional custody services.\nBlackRock’s iShares Bitcoin Trust is among the identifiable institutional holders, alongside other investment products and government-controlled wallets. Yet identifying these large holdings does not provide a complete picture of Bitcoin’s ownership distribution.\nThe growth of regulated investment products has also created a distinction between direct ownership and investment exposure. ETF investors can gain exposure to Bitcoin’s price without personally controlling the underlying coins or their private keys.\nFor additional context, readers can explore Bitcoinist’s cryptocurrency coverage and its blockchain news.\nWhat the Findings Mean for Bitcoin’s Ownership Landscape\nGalaxy’s research highlights the limits of determining Bitcoin ownership from public blockchain data alone. Although transactions are transparent, connecting wallet addresses to specific individuals or institutions requires additional information.\nThe 55% unattributed figure therefore should not be interpreted as a measure of permanently lost Bitcoin, nor does it establish how much of that supply is held by retail investors.\nInstead, the findings illustrate how Bitcoin’s original self-custody model continues to coexist with expanding institutional participation. As financial firms accumulate more coins, a substantial share of the mined supply remains outside the ownership categories researchers can confidently identify.\n\n\nEditorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. 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