CoinMeta data: The latest report from Galaxy Research indicates that over 55% of the Bitcoin supply remains unassociated with any known individuals or institutions, with approximately 11.1 million Bitcoins not recorded in the ownership databases of major blockchain research companies. Despite institutional purchases and the introduction of Bitcoin ETF, Galaxy research leader Alex Thorn pointed out that many Bitcoins may still be controlled by individuals managing their own wallets, rather than relying on exchanges or financial institutions. The study also shows that about 45% of the Bitcoin supply is already attributed to known holders or identifiable groups. Although Bitcoin transactions are recorded on the public blockchain and wallet addresses and balances can be checked, the ownership of a large portion of Bitcoins remains difficult to confirm.