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6.26 million BTC public keys have been exposed on-chain, accounting for 31.2% of the total supply. Glassnode co-founder Rafael (@n3ocortex) shared that approximately 6.26 million BTC (31.2% of the total supply) public keys are now openly visible on-chain. To migrate these funds to new addresses where public keys remain protected by hashing, at least this portion would need to be moved. This percentage has risen from 24.8% at the beginning of 2021, returning to 2016 levels. Among them, 4.33 million BTC come from address reuse, 1.71 million BTC are stored in P2PK addresses (1.1 million of which belong to Satoshi Nakamoto), and 222,000 BTC are in Taproot addresses. As for exchanges, a total of 1.79 million BTC public keys have been exposed, accounting for 57% of exchange balances. Coinbase has around 10% exposed, Binance 83%, Bitfinex 100%. Fidelity, with 375,000 BTC, has only 2% exposed. The holdings of the U.S., U.K., and El Salvador governments remain at 0%. Grayscale has 49% exposed, Revolut 99%, and Robinhood 100%. Note that Rafael emphasized this is merely statistical data and not a risk ranking, nor does it reflect the security status of any exchange or custody institution.
