Glassnode co-founder: Approximately 6.26 million Bitcoins' public keys have been exposed, accounting for 31.2% of the total supply.

October 9: Glassnode co-founder Rafael posted that approximately 6.26 million bitcoins have their public keys publicly exposed on-chain, accounting for 31.2% of Bitcoin's total supply. To migrate these bitcoins to addresses whose public keys have not been made public and are identified only by hash values, at least an equivalent number of bitcoins would need to be transferred. This proportion has risen from 24.8% in early 2021 to its current level, returning to around the level seen in 2016. Among them, about 4.33 million bitcoins have exposed public keys due to address reuse, and the relevant addresses have previously had outgoing transactions; transferring these bitcoins to new addresses would eliminate this type of exposure. In addition, about 1.94 million bitcoins have exposed public keys due to script type, of which 1.71 million belong to P2PK addresses, including about 1.1 million attributed to Satoshi Nakamoto, with another about 222,000 held in Taproot addresses.

Among the bitcoins held by trading platforms, about 1.79 million have publicly exposed public keys, with significant differences in exposure ratios across platforms: Coinbase at 10%, Bitfinex at 100%. Among the top 15 platforms by bitcoin holdings, 7 have relevant ratios exceeding 99%. Among other institutions, of the 375,000 bitcoins held by Fidelity, about 2% have public key exposure; the bitcoins held by the U.S., U.K., and El Salvador governments are all at 0%. Grayscale's relevant ratio is 49%, Revolut is 99%, and Robinhood is 100%.

Compared with data released in May this year, the number of bitcoins with exposed public keys increased by 222,000, while Bitcoin's total supply increased by only 64,000 over the same period. Among this, trading platform holdings contributed an increase of 123,000. Currently, about 57% of the bitcoins held by trading platforms have public key exposure, higher than 55% in May this year and 39% in early 2021. It should be noted that the above ratios reflect address usage and do not constitute a risk ranking of the relevant platforms or assets, nor do they represent a judgment on their security.