More than 6 million bitcoin sit behind public keys already visible onchain, highlighting the scale of holdings potentially exposed if advances in AI or quantum computing undermine Bitcoin’s cryptography.
Those coins represent 31.2% of circulating supply, roughly 5 to 6% above the low reached in 2023, according to Glassnode data.
Glassnode co-founder Rafael Schultze-Kraft said exposed supply has increased by 222,000 BTC ($18.2 billion) since the firm’s May report, while total bitcoin supply grew by just 64,000 BTC.
Exchanges accounted for 123,000 BTC of that increase and now hold 1.79 million BTC behind visible public keys.
The proportions vary considerably. Coinbase’s exposed share stands at 10%, compared with 83% at Binance.
Beyond exchanges, Fidelity holds approximately 375,000 BTC with just 2% exposed. Grayscale’s share is 49%, Revolut’s 99% and Robinhood’s 100%. U.S., U.K. and El Salvador government…
