btc genuinely dormant supply sits on the labeled side of the chart. Patoshi, the mining pattern associated with Bitcoin’s earliest period and widely linked to Satoshi Nakamoto, accounts for 5.6%, roughly 1.13 million BTC, none of which has ever moved. Research puts 55.1% of Bitcoin’s supply in addresses it cannot attribute to any known owner — about 11.07 million of the 20.098 million BTC unspent at block height 971,382. Research Director Alex Thorn argues that a significant portion of it, possibly the majority, is still held by individuals in self-custody, and that the growth of institutional and exchange holdings has not changed who controls most of the supply.
Unattributed Means Unlabeled, Not Abandoned
The distinction carries the whole story. An unattributed address is one Galaxy cannot tie to a named entity. It says nothing about whether the coins are active, held deliberately, or lost.
Thorn’s reading is that most of that half belongs to individuals holding their own keys — the original use case, still the largest single category by a wide margin. Self-custody produces addresses that are invisible to attribution precisely because no intermediary is involved.
$BTC #BTC
Unattributed Means Unlabeled, Not Abandoned
The distinction carries the whole story. An unattributed address is one Galaxy cannot tie to a named entity. It says nothing about whether the coins are active, held deliberately, or lost.
Thorn’s reading is that most of that half belongs to individuals holding their own keys — the original use case, still the largest single category by a wide margin. Self-custody produces addresses that are invisible to attribution precisely because no intermediary is involved.
$BTC #BTC