More than 6 million Bitcoin are now held under public keys that are already visible on-chain, equal to 31.2% of circulating supply, according to Glassnode data cited by ChainCatcher. The figure is about 5 to 6 percentage points above the low seen in 2023. Glassnode co-founder Rafael Schultze-Kraft said exposed supply has risen by 222,000 BTC since the firm’s report in May, while total Bitcoin supply grew by only 64,000 BTC over the same period. Exchanges accounted for 123,000 BTC of that increase and now hold 1.79 million BTC with visible public keys. The breakdown across firms varies sharply: Coinbase stands at 10%, Binance at 83%, Fidelity at 2% on roughly 375,000 BTC, Grayscale at 49%, Revolut at 99%, and Robinhood at 100%. Under this method, holdings attributed to the governments of the United States, the United Kingdom, and El Salvador do not appear as exposed. Glassnode also noted that public keys can become visible through address reuse or through some Bitcoin output types, including early pay-to-public-key outputs and Taproot.
More than 6 million Bitcoin are currently held under public keys that are already visible on-chain, representing 31.2% of circulating supply, according to Glassnode data cited by ChainCatcher. That is about 5 to 6 percentage points above the 2023 low.
Glassnode co-founder Rafael Schultze-Kraft said exposed supply has increased by 222,000 BTC since the company’s report in May, or about $18.2 billion. Over the same period, total Bitcoin supply increased by only 64,000 BTC.
Exchanges and institutions show wide differences
Under Glassnode’s breakdown, exchanges contributed 123,000 BTC of the increase and now hold 1.79 million BTC with publicly visible keys.
Exposure rates vary widely across institutions. Coinbase stands at 10%, while Binance is at 83%. Fidelity holds about 375,000 BTC, with an exposure ratio of just 2%. Grayscale is at 49%, Revolut at 99%, and Robinhood at 100%.
Using this methodology, holdings linked to the governments of the United States, the United Kingdom, and El Salvador do not show up as exposed.
How public keys become visible on-chain
Public keys can become visible through address reuse or by appearing directly in certain Bitcoin output types. Glassnode pointed to early pay-to-public-key outputs and Taproot as examples.
The firm added that a sufficiently capable quantum computer, or a hypothetical mathematical breakthrough, could allow an attacker to derive the corresponding private key.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
