galaxyresearch

🚨 What is "Babel Scribe" hiding on the Bitcoin network?
Over the past three weeks, about 40 mysterious "gibberish" inscriptions have hit Bitcoin daily, sparking rumors of hidden encrypted messages. But according to a new Galaxy Research report, the truth is far more technical—and fascinating!
🔍 Key takeaways from the analysis:
Not Ciphers: Statistical tests on 562 texts show uniform letter frequencies (3.6% - 4.2%), proving they are randomly generated rather than encrypted.
Automated Testing: On-chain structures point to a script testing a data-publishing tool on Bitcoin's mainnet.
Past Drops: The same associated addresses previously inscribed the U.S. Constitution and the Declaration of Independence!
Is this just routine developer testing, or a clever proof-of-concept for something bigger?
#BTC #CryptoNews . #bitcoin #Web3 .#GalaxyResearch

Bitcoin Supply Mystery: Who Really Owns 55% of BTC?
One of the most interesting details about Bitcoin is not how much institutions own, but how much of its supply still cannot be linked to a known owner.
According to Galaxy Research, approximately 55.1% of Bitcoin’s supply sits in unattributed addresses. That represents around 11.07 million BTC out of roughly 20.1 million BTC in existence at the time of the analysis.
But there is an important distinction here: unattributed does not mean lost.
🔍 What the Numbers Reveal
• 55.1% — BTC held in addresses without an identified owner
• 17.9% — Supply attributed to exchanges
• 6.0% — Bitcoin held by ETFs and investment funds
• 15.4% — Combined holdings attributed to custodians, miners, and companies
• 5.6% — Early mining supply associated with the Patoshi pattern
These figures highlight a part of Bitcoin ownership that market headlines often overlook.
🏦 Institutions Are Growing, But Individual Ownership Still Matters
Spot Bitcoin ETFs, corporate treasury strategies, and institutional custody have made ownership more visible. Yet the majority of Bitcoin supply remains unattributed in Galaxy’s classification.
Research Director Alex Thorn suggests that individual self-custody accounts for a significant portion of this supply. However, the exact breakdown is unknown because unattributed addresses can also include wallets with lost keys and holdings whose owners have never been identified.
📊 Why This Matters for the Market
Exchange reserves and ETF flows provide useful information, but they do not tell the entire story of Bitcoin ownership.
Coins held in private wallets may remain untouched regardless of short-term market movements. Meanwhile, changes in exchange balances or fund holdings represent only part of the broader supply picture.
The real takeaway is that blockchain transparency has limits: transactions are public, but wallet ownership is not always identifiable.
Bitcoin’s supply can be tracked with remarkable precision, yet understanding who controls those coins remains a different challenge.
💬 What do you think? Is most unattributed BTC held by long-term individual investors, or could lost coins represent a much larger share than the market assumes?
#Bitcoin #BTC #CryptoNews🚀🔥 #Blockchain #GalaxyResearch