The large number of coins held in unidentified wallets shows that retail investors have been in this market for years, observers said. But this interpretation comes with a caveat. About 11.1 million bitcoin, or 55 percent of the roughly 20.1 million mined, is held in addresses that Galaxy Research cannot link to an exchange, fund, government or other known entity. The unidentified holdings suggest that individuals using self-custody may still control much of Bitcoin’s supply despite growing ins…
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