Over a third of all Bitcoin is basically a ghost town. Roughly 11.1 million BTC – about 55 % of the mined supply – sit in wallets with no identifiable owner, some of them probably lost forever. Even as institutions jump in, the data from Galaxy Research shows individuals still hold the lion’s share. Only 45 % of the supply can be traced to known entities – exchanges, the US government, Bitcoin ETFs and an estimated 1.12 million coins tied to early miners from Satoshi’s era. What does that mean for the market? Lots of untapped, dormant coins could swing supply dynamics if they ever move. Thoughts on how this hidden stash might impact price volatility?