It could include coins that are likely lost, sitting in wallets whose owners have forgotten their keys or have passed away.
Some were mined in bitcoin’s early years by miners other than the one behind the Patoshi pattern, a set of bitcoin’s earliest mined blocks that researchers link to a single miner, bitcoin’s anonymous creator, Satoshi Nakamoto.
Some could belong to institutions Galaxy hasn’t identified, such as funds, companies and OTC desks, which are brokers that arrange large bitcoin trades privately, away from exchanges. Some coins could belong to custody setups that spread coins across many addresses, making them harder to trace.
The other 45% does have names attached, and some of them are big names, including exchanges, ETFs led by BlackRock, the U.S. government and the single biggest holder, “Satoshi Nakamoto (Patoshi Pattern),” at 1,123,658 BTC. Galaxy counts those coins separately, as “the Satoshi-era miner pattern.”
Still, for all the ETF headlines, the largest slice of bitcoin is the one nobody can name.
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