Glassnode Says 31.2% of Bitcoin Supply Has Exposed Public Keys, Creating Potential Quantum-Attack Risk
Glassnode reports 31.2% of Bitcoin's supply (6.26M BTC) is in addresses with exposed public keys, up from 24.8% in 2021. This could pose a quantum-attack risk. Address reuse and certain transaction structures contribute to the exposure, with 57% of exchange-held Bitcoin affected.
How this was made
The 30-second read
Why it matters
The disclosed exposure could influence risk assessments and pricing models for Bitcoin and related assets.
Market read
First‑time disclosure of large‑scale public‑key exposure adds a new risk factor to Bitcoin valuation.
What to watch
Potential mitigation via upcoming cryptographic upgrades (e.g., Taproot) could offset risk.
Background
Glassnode, a blockchain analytics firm, released a fresh analysis of Bitcoin address exposure, quantifying the share of supply with visible public keys.
Ticker impact
Glassnode reports 31.2% of Bitcoin's circulating supply is held in addresses with exposed public keys, creating a quantum‑attack risk.
likely downward pressure as market prices in quantum‑risk concerns
The new data highlights a sizable exposure; while quantum computers are not yet practical, the risk perception may trigger sell‑offs.
Market effects
May raise scrutiny of other crypto assets that rely on similar cryptography.
Global, as Bitcoin is traded worldwide.
High, given Bitcoin's market cap and influence on broader crypto markets.
Counterpoint
Quantum risk is speculative; price impact may be limited until practical quantum computers emerge.
Key entities
- Analytics FirmGlassnode
Provider of blockchain data and insights.
