Glassnode: Approximately 6.26 million BTC are held in addresses with revealed public keys, accounting for 31.2% of the supply.
According to Rafael (@n3ocortex), co-founder of the on-chain analytics platform Glassnode, public keys for approximately 6.26M BTC (31.2% of total supply) are now publicly visible on-chain, marking a further rise from 24.8% in early 2021 and returning to 2016 levels.
Specifically, address reuse has led to the exposure of public keys for 4.33M BTC, with an additional 1.71M BTC exposed due to P2PK script types (including 1.10M BTC attributed to Satoshi Nakamoto), and 222K BTC exposed via Taproot addresses.
At the institutional level, exchanges collectively hold 1.79M BTC with visible public keys, with exposure rates varying significantly across platforms: 10% for Coinbase, 83% for Binance, and 100% for Bitfinex; 49% for Grayscale, 99% for Revolut, and 100% for Robinhood. Fidelity accounts for just 2%, while the exposure rate for holdings by the US, UK, and Salvadoran governments remains at 0%.
