More Than 6 Million Bitcoin Visible Through Public Keys
Glassnode estimates that 31.2% of the circulating supply is exposed through visible public keys. The debate over quantum and AI risks mainly affects large exchanges and custodians.
Key Takeaways
- More than 6 million Bitcoin sit behind onchain-visible public keys, accounting for 31.2% of the circulating supply.
- Glassnode says the exposed supply has risen by 222,000 BTC since May, while the total Bitcoin supply grew by 64,000 BTC.
- Attention is rising because of concerns about AI and quantum computing, which could weaken Bitcoin cryptography in the future.
More than 6 million Bitcoin sit behind public keys that are already visible onchain. That means the group of coins that could become vulnerable is growing if AI or quantum computing ever makes a breakthrough in Bitcoin cryptography. According to Glassnode, that amounts to 31.2% of the circulating supply, slightly more than in 2023.
More Visible BTC Than in May
Glassnode co-founder Rafael Schultze-Kraft said the exposed supply has increased by 222,000 BTC since the May report, worth about $18.2 billion (€16.3 billion). Over the same period, the total Bitcoin supply grew by only 64,000 BTC. The increase shows that the share of supply with visible public keys is growing faster than the supply itself.
The differences between players are large. Coinbase has about 10% exposure according to this measure, while Binance is at 83%. Fidelity is around 2%, Grayscale at 49%, Revolut at 99%, and Robinhood at 100%. The U.S., U.K., and El Salvador government holdings, under this method, fall into the category with no visible exposure.
Why This Is Getting Attention Now
Public keys can become visible through address reuse or because they are directly included in certain Bitcoin output types, including early pay-to-public-key outputs and Taproot. If a powerful enough quantum computer or an unexpected mathematical breakthrough ever makes it possible to derive private keys, those visible addresses would face extra risk.
That concern is hitting harder now because Ethereum researcher Justin Drake urged the industry to prepare for something like bunker mode. He said AI could, in a worst-case scenario, find a shortcut to wallet cryptography within months, even before quantum computers get there. Awareness is also growing outside crypto: the G7 Cybersecurity Working Group recently warned that quantum computing poses a direct threat to current public-key cryptography.
Europol also sees wallets as the weak spot in a future quantum attack. In a recent warning, the agency called for a step-by-step move to post-quantum cryptography, with extra attention on exposed Bitcoin public keys and early wallets.
Why This Matters for Crypto Investors
For European crypto readers, this matters mainly because the debate is no longer just about a far-off theoretical threat. Large firms, exchanges, and custodians increasingly need to think about what their Bitcoin setup looks like if post-quantum security becomes necessary. That makes the split between visible and invisible keys a topic that is getting attention beyond the technical crowd.
