Bitcoin Public-Key Exposure Reaches 6.26 Million BTC
Bitcoin address reuse now involves 4.33 million BTC, up from 3.79 million a year earlier and equal to 21.5% of circulating supply, according to Glassnode data reported by PANews. Including legacy Pay-to-Public-Key and Taproot outputs, 6.26 million BTC—or 31.2% of supply—are held in outputs with publicly visible keys. Glassnode says this broader share is at its highest level since around 2016, rising from 24.8% in early 2021.
Exchanges hold about 1.79 million BTC with visible keys. Estimated exposure varies from roughly 10% of Coinbase’s BTC to 83% for Binance and 100% for Bitfinex. About 1.10 million BTC attributed to Satoshi Nakamoto remains in legacy P2PK outputs. Public-key visibility does not mean funds are stolen or private keys compromised, but the figures highlight address reuse and custody practices. Moving funds to fresh addresses can reduce exposure tied to reused addresses, though large-scale migrations require planning and incur transaction fees.
Neutral
The data points to a growing Bitcoin address-reuse and public-key exposure concern, but it does not report theft, a private-key breach, or a direct threat to the network. Visible public keys alone do not establish that funds are vulnerable, so the figures are unlikely to change Bitcoin’s fundamentals or market supply immediately. In the short term, traders may pay attention to exchange custody practices and any announcements of wallet migrations, which could prompt temporary concern or on-chain activity. Over the longer term, address hygiene and planned migrations may improve security practices, but moving large balances involves fees and operational planning. Without evidence of compromised funds or forced selling, the expected direct effect on BTC price and market stability is neutral.