#reusedbitcoinaddresseshold4.33mbtc
Bitcoin Has a Habit It Can't Seem to Break
Glassnode’s latest on-chain analysis reveals something quietly striking: reused Bitcoin addresses now hold 4.33 million BTC, roughly 21.5% of circulating supply, up 14% recently. Combined with older, structurally exposed address types, the total BTC sitting behind visible public keys reaches 6.26 million BTC, or 31.2% of total supply.
Here’s the mechanism. When you spend from a Bitcoin address, the transaction reveals its public key. Reuse that address afterward, and the coins there have their public key permanently visible on-chain. Glassnode splits the exposure into two buckets: operational (users reusing addresses — the 4.33M BTC) and structural (older script types like P2PK adding another 1.94M BTC, including ~1.10M BTC linked to Satoshi Nakamoto).
The trend is unmistakable. Exposure has climbed from 24.8% of supply in early 2021 to 31.2% now, levels not seen since around 2016. Exchanges are a major contributor: Binance holds roughly 83% of its BTC under visible keys, Bitfinex 100%. For the record, a visible public key doesn’t mean coins are compromised. It’s a starting point for hypothetical risks, not evidence of a breach.
Migrating funds isn’t simple. It requires planning, testing, and on-chain fees. But the direction of travel raises questions about storage hygiene as Bitcoin matures. With fresh addresses free to generate, why does a growing share of supply still sit behind keys the whole world can see?
#bitcoin #onchaindata
$BTC $KAIA $RLC
Bitcoin Has a Habit It Can't Seem to Break
Glassnode’s latest on-chain analysis reveals something quietly striking: reused Bitcoin addresses now hold 4.33 million BTC, roughly 21.5% of circulating supply, up 14% recently. Combined with older, structurally exposed address types, the total BTC sitting behind visible public keys reaches 6.26 million BTC, or 31.2% of total supply.
Here’s the mechanism. When you spend from a Bitcoin address, the transaction reveals its public key. Reuse that address afterward, and the coins there have their public key permanently visible on-chain. Glassnode splits the exposure into two buckets: operational (users reusing addresses — the 4.33M BTC) and structural (older script types like P2PK adding another 1.94M BTC, including ~1.10M BTC linked to Satoshi Nakamoto).
The trend is unmistakable. Exposure has climbed from 24.8% of supply in early 2021 to 31.2% now, levels not seen since around 2016. Exchanges are a major contributor: Binance holds roughly 83% of its BTC under visible keys, Bitfinex 100%. For the record, a visible public key doesn’t mean coins are compromised. It’s a starting point for hypothetical risks, not evidence of a breach.
Migrating funds isn’t simple. It requires planning, testing, and on-chain fees. But the direction of travel raises questions about storage hygiene as Bitcoin matures. With fresh addresses free to generate, why does a growing share of supply still sit behind keys the whole world can see?
#bitcoin #onchaindata
$BTC $KAIA $RLC