Over 6 Million Bitcoin Sit Behind Exposed Public Keys, On-Chain Reports Show

More than 6 million bitcoin—representing roughly 31.2% of circulating supply—sit behind exposed public keys on-chain, according to Glassnode data. The exposed volume rose by 222,000 BTC ($18.2 billion) since May, outpacing total supply growth of 64,000 BTC. Centralized exchanges account for 1.79 million exposed coins. This follows an analysis at block 950,000 finding 6,900,573 BTC (34.45% of supply) cryptographically exposed to theoretical quantum attacks. Researchers emphasize no practical attack exists, no theft has occurred, and active entities can migrate funds to quantum-resistant standards under proposals like BIP-361.