Galaxy Digital Head of Research Alex Thorn reports that more than 50% of the total Bitcoin supply currently resides in unattributed addresses. This significant portion of the network's holdings lacks clear ownership classification despite increasing institutional participation in the asset class. Thorn emphasizes that individual self-custody continues to dominate Bitcoin ownership structures even amid broader institutionalization trends. The data suggests that a vast majority of Bitcoin remains under direct individual control rather than within centralized or institutional custody solutions.