Galaxy Chart Leaves 55.1% of Its 20.1M BTC Total Unattributed

Galaxy Research’s October chart placed 55.1% of the Bitcoin (BTC) in its 20,097,788 BTC total in an unattributed category, showing how public ledger data do not identify every holder.

At block 971,382, the category amounted to about 11.1 million BTC. Alex Thorn, Galaxy Research’s head of research, shared the chart Oct. 14.

Exchanges represented 17.9% of the total, while ETFs and funds accounted for 6.0%. The chart also assigned 1,123,658 BTC, or 5.6%, to the Patoshi mining pattern.

That label describes a mining pattern; it does not establish who owns or controls those coins. The chart does not break down the unattributed share among individuals, institutions or inaccessible wallets. An unattributed balance also does not show that coins are lost or that individual investors hold them.

Bitcoin’s ledger records transactions and balances publicly, but an address alone does not identify the person or organization behind it. The chart captures Galaxy’s classifications at one block height rather than counting beneficial owners.