According to Glassnode, 4.33 million BTC, or 21.5% of the circulating supply, is held in reused addresses. This figure has increased by 14% recently. When including structural exposure from older script types, the total amount of Bitcoin with visible public keys reaches 6.26 million BTC, representing 31.2% of the total supply.
Structural exposure accounts for 1.94 million BTC. This includes 1.71 million BTC in legacy Pay-to-Public-Key (P2PK) outputs, with 1.10 million BTC linked to Satoshi Nakamoto, and 222,000 BTC in Taproot outputs. The overall share of supply with visible public keys has reached levels not seen since 2016.
Exchanges hold approximately 1.79 million BTC under visible public keys. Exposure rates differ significantly across platforms: Coinbase is at 10%, Binance at 83%, and Bitfinex at 100%. These findings were published on October 8, 2026, following discussions on October 7 regarding large-scale migration strategies to improve security.
The rise in visible public keys is attributed to both manual address reuse and inherent script designs. While modern wallets generate new addresses automatically, the research suggests that risks related to cyberattacks and regulatory scrutiny may prompt users to reconsider storage practices and move assets to cold storage.
