1,100만 개가 넘는 비트코인의 소유자를 알 수 없습니다. 그 의미를 알아봅니다

A significant portion of the total bitcoin supply remains locked in addresses with no clear institutional or known individual owner. Analysts interpret this as evidence that retail investors have accumulated and held coins across multiple market cycles. However, this phenomenon comes with a major caveat regarding lost keys, dormant satoshis, and skewed liquidity metrics. Many of these coins may be permanently lost forever rather than held strategically. For the broader cryptocurrency market, understanding the actual liquid supply helps refine valuation models and volatility forecasts. Investors must account for these dormant holdings when analyzing on-chain metrics and supply dynamics.