CoinDesk
More than 6 million BTC, or 31.2% of circulating supply, sit behind public keys already visible on-chain, according to Glassnode figures. Exposed supply has risen by 222,000 BTC since May, while total supply grew by 64,000 BTC. Exchanges account for 123,000 BTC of the increase and hold 1.79 million BTC with visible keys.
Why it matters
A visible public key is not evidence that a wallet is currently vulnerable to a practical attack. Keys can become visible through address reuse or certain Bitcoin output types, including early pay-to-public-key outputs and Taproot. A sufficiently capable quantum computer, or a hypothetical mathematical breakthrough, could potentially enable attackers to derive corresponding private keys. No practical attack on Bitcoin or Ether wallet keys has been demonstrated.
The exposure varies sharply among major holders. Coinbase has 10% of its BTC exposed under the methodology, compared with 83% at Binance. Fidelity has approximately 375,000 BTC, with 2% exposed; Grayscale's share is 49%, Revolut's 99% and Robinhood's 100%. U.S., U.K. and El Salvador government holdings show no exposure under this measure.
Market impact
Ethereum researcher Justin Drake has urged the industry to prepare for “bunker mode,” warning that AI could, in a worst-case scenario, uncover a shortcut to breaking wallet cryptography “in months, not years,” before quantum computers arrive. The warning is a call for preparation, not evidence that such a capability exists.
For investors, the figures highlight a long-term security and migration challenge, not an immediate loss of funds. The exposed-supply measure tracks on-chain key visibility; it does not establish that the coins can be stolen today.
Frequently asked questions
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How much Bitcoin sits behind public keys visible on-chain?
More than 6 million BTC, equal to 31.2% of circulating supply, according to the figures cited in the report.
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Does public-key exposure mean those Bitcoin can be stolen now?
No. The figures measure key visibility, not immediate security risk, and no practical attack on Bitcoin wallet keys has been demonstrated.
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How has exposed Bitcoin supply changed since May?
Exposed supply increased by 222,000 BTC since May, while total Bitcoin supply grew by 64,000 BTC.
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Which exchanges have the largest exposed shares in the figures?
Coinbase's exposed share is 10%, compared with 83% at Binance. Exchanges collectively account for 123,000 BTC of the increase and hold 1.79 million BTC behind visible keys.
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What warning did Ethereum researcher Justin Drake raise?
Drake urged the industry to prepare for “bunker mode,” saying AI could potentially uncover a shortcut to breaking wallet cryptography in “months, not years” in a worst-case scenario.
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