Glassnode says 35.4% of Bitcoin supply has exposed public keys
- Published
- Updated
Glassnode’s latest Bitcoin analysis says a large share of issued BTC is already tied to outputs with visible public keys onchain. The update frames that exposure as a future quantum-risk question rather than evidence of a current key compromise.
Key claims & sources
What it means
Bitcoin’s design leaves public keys visible once coins are spent from many common output types, and Glassnode’s November 10, 2026 update focuses on how much of the existing supply is now in that state. That matters because Bitcoin security has long depended on the gap between visible public information and hidden private keys. As quantum computing moves from theory to planning, the exposed portion of the UTXO set becomes a concrete reference point for protocol debates.
For Bitcoin holders and builders, the practical issue is not an immediate break but the possibility that large amounts of coins would sit in a category with weaker long-term assumptions. Wallet software, custody systems, and future upgrade planning all become more relevant when a large share of supply has already revealed the public side of its key material. Anyone using older address types or reusing addresses will be watching this discussion closely.
The wider trade-off is between Bitcoin’s current transparency and the privacy and security expectations that follow from a network built for self-custody. A network that leaves historical key exposure in place has to balance continuity against the risk that future cryptography changes could be disruptive. The numbers also sharpen a broader question for the sector: how much of today’s system is acceptable only under assumptions that may not hold later.
Still unresolved is which coins are actually at risk in practice, since the update does not show that private keys have been stolen or that a capable quantum machine exists today. What would settle the issue is a concrete protocol response, clearer migration guidance from wallet providers, or proof that the exposure profile changes over time as coins move. Until then, the 35.4% figure is a snapshot of vulnerability assumptions, not a forecast of an attack.
Market reaction i
Bitcoin fell 1.5% in the 4 hours after the first headline, after rising 0.6% in the 2 hours before.
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