Bitcoin’s visible public-key exposure has climbed to 7.12 million BTC, or 35.4% of issued supply, according to data published by Glassnode on November 10, 2026. The finding has revived concerns about how much of the network’s supply could eventually be targeted by a sufficiently capable quantum computer.
Glassnode separates structural exposure, where certain output types such as early pay-to-public-key and Taproot outputs reveal public keys by design, from operational exposure caused by wallet behavior. Address reuse now accounts for 25.8% of supply, while 11.6% is linked to exchange-related exposure; the exchange figure is part of the reuse category, so the percentages should not be added together. The firm noted that moving reused coins to a fresh address can end that exposure.
Compared with a May 20 snapshot of 6.04 million BTC, or 30.2% of supply, exposed holdings have risen by 1.08 million BTC, an increase of 5.2 percentage points. The debate also includes Bitcoin improvement proposals: BIP 360 proposes pay-to-Merkle-root outputs and removes Taproot’s key-path spending option, while BIP 361 outlines a future migration away from legacy signatures. Neither proposal currently imposes a binding deadline.
Separately, the U.S. National Institute of Standards and Technology finalized its first post-quantum cryptographic standards in August 2024, including ML-KEM, ML-DSA and SLH-DSA. Fireblocks Vice President of Research Michael Gutkin has recommended directing new deposits and transaction change to fresh addresses while tracking exposed unspent outputs.
