Glassnode says 35.4% of Bitcoin supply has exposed public keys

About 7.12 million BTC sits in addresses whose public keys are already visible on-chain, a potential target if quantum computers ever mature About a third of all Bitcoin has its public keys out in the open, according to new data from Glassnode. The on-chain analytics firm puts the figure at 35.4% of supply, or 7.12 million BTC, as of November 10, 2026. That is a large pile of coins sitting in a spot that could matter a great deal if quantum computing ever catches up to the hype. What Glassnode found The core finding is about visibility. Every Bitcoin wallet has a private key, which signs transactions, and a public key, which can be derived from it. Under the cryptography Bitcoin uses today, working backward from public key to private key is considered impractical. A sufficiently powerful quantum computer could, in theory, change that math. If that happens, any coin whose public key is already sitting on the blockchain becomes the low-hanging fruit. Glassnode breaks the exposure into two main sources. Address reuse accounts for 25.8%, covering wallets where earlier transactions have already revealed the key. Balances held by exchanges account for 11.6%. The trend line is also moving...