Galaxy Research: Individuals Hold Majority of Bitcoin Supply in 2026

A recent analysis by Alex Thorn, Head of Research at Galaxy Digital, reveals that despite the growing trend of institutional adoption, individual investors continue to control the lion's share of the Bitcoin (BTC) supply. The report highlights that more than half of all circulating units are currently held in unattributed addresses, suggesting a persistent culture of self-custody among market participants. This data challenges the narrative that corporate entities and exchange-traded funds (ETFs) have completely dominated the asset class.

The Dominance of Unattributed Ownership

According to the findings released on October 14, 2026, the distribution of the primary cryptocurrency remains significantly decentralized. Thorn points out that while the entry of major financial institutions has increased transparency in some sectors, a vast portion of the 21 million maximum supply remains in wallets not linked to known entities.

• Over 50% of the BTC supply is located in addresses with no identified owner.
• The majority of these holdings are believed to be under individual self-custody.
• Institutionalization has not yet displaced the original retail-driven ownership model of the Bitcoin blockchain.

Unattributed addresses often represent early adopters, long-term holders (HODLers), and privacy-conscious investors who prefer to manage their private keys without third-party intermediaries.

Institutionalization vs. Self-Sovereignty

While the rise of Spot Bitcoin ETFs and corporate treasuries has brought billions of dollars into the ecosystem, the research indicates that the "whales" and retail users who maintain private wallets still outweigh these concentrated holdings. Thorn emphasizes that this structure reinforces the decentralized nature of the network.

Despite the trend of institutionalization and concentrated holdings in recent years, a vast majority (perhaps even the absolute majority) of Bitcoin is still self-custodied by individuals.

This trend reflects a continued commitment to the core principle of financial sovereignty within the crypto community. Even as the regulatory landscape evolves and more traditional financial products emerge, the preference for direct ownership remains a defining characteristic of the market.

Conclusion

The Galaxy Research report underscores a critical aspect of Bitcoin's current state: it remains an asset largely held by the people rather than just large-scale organizations. As of late 2026, the data suggests that the transition toward an institutional-heavy market is slower than many analysts predicted, with individual self-custody acting as a robust counterbalance to centralized accumulation.