About 35.4% of all bitcoin, or 7.12 million BTC, has a visible public key on the blockchain, according to Glassnode analysis posted on X on November 10 and reported by Crypto Insiders. Such coins could in theory be exposed to a future quantum computer capable of deriving private keys from public ones. Crypto Insiders noted that the coins do not all belong to one type of holder and are not in immediate danger.
Crypto Insiders reported that address reuse accounts for 25.8% of supply. This occurs when bitcoin is received at an address whose public key was already revealed by an earlier spend. Exchange-linked balances account for 11.6%, a category that may overlap with reuse, so the two figures should not be added together.
Some address formats expose the public key by design. Glassnode’s earlier research, published on May 20, lists early P2PK outputs, bare multisig and Taproot outputs as structurally exposed, while P2PKH, P2SH, P2WPKH and P2WSH hide keys behind hashes until a spend. That report put total exposure at 30.2%, or 6.04 million BTC, using its own methodology.
The difference between the 30.2% and 35.4% figures may reflect updated or differently defined measures; the November methodology was not reviewed. Glassnode stressed that its data is a snapshot, not a forecast of quantum timelines.
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Sources:
Crypto Insiders: Ruim een derde van het Bitcoin-aanbod kan later quantumrisico lopen
Glassnode Research: Measuring Bitcoin’s Quantum-Exposed Supply
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