Over 11 million Bitcoin, representing approximately 55% of the total supply, are categorized as "no known attribution," according to Galaxy Research's October snapshot reported by CoinDesk. Alex Thorn, Head of Research at Galaxy, believes this indicates the continued prevalence of individual self-custody of Bitcoin despite accelerating institutionalization. Xapo Bank also suggested this could mean retail investors have been active in the market for over a decade. However, these un-attributed bitcoins could also include lost coins or as-yet unidentified institutional holdings.