Galaxy Research: Approximately 11.1 million bitcoins cannot be associated with any known entity.

A snapshot from Galaxy Research in October shows that of the approximately 20.1 million mined Bitcoins, about 11.1 million (55%) cannot be linked to any known entity such as exchanges, funds, or governments. Alex Thorn, head of research at Galaxy Research, stated that this reflects a large amount of Bitcoin potentially being held in private custody. Xapo Bank believes this reflects over a decade of retail investor participation. Unclaimed Bitcoins may also include those with lost private keys, unidentified institutional holdings, or fragmented custodial assets. The remaining 45% of Bitcoins have been attributed, with Satoshi Nakamoto (Patoshi model) holding 1.1237 million BTC.