Analysis: Currently, approximately 6.04 million bitcoins are exposed to "quantum risk."

May 22nd: Analyst Murphy (@Murphychen888) noted on social media that "Static Quantum Exposure" refers to Bitcoin public keys recorded on the blockchain, which a future, sufficiently powerful quantum computer could theoretically reverse-engineer using Shor’s algorithm to derive the corresponding private keys for circulating Bitcoin. According to Glassnode data, roughly 6.04 million Bitcoin are currently in this quantum risk-exposed state, split into two categories: - **Structural Exposure**: Totaling around 1.92 million Bitcoin. This risk stems primarily from script designs like P2PK, bare multisig, Taproot, etc., which directly expose public keys during transactions. Notably, Bitcoin mined in Satoshi’s era are hardest to secure and migrate due to their unique address formats and script structures. - **Operational Exposure**: On a larger scale, accounting for roughly 4.12 million Bitcoin. This risk comes from address reuse—users repeatedly reusing the same Bitcoin address for sending or receiving, which exposes the public key after the first spend. While this exposure is significant, since it stems from user behavior, it can theoretically be more easily fixed via standardized management practices. Of the total exposed Bitcoin, around 1.66 million are held by exchanges. Per tagged balance data, Coinbase has only about 5% of its assets exposed to quantum risk, whereas other exchanges and known entities generally have higher quantum risk exposure. It’s important to clarify that this analysis is not meant to rank entities by risk or predict a specific timeline for when quantum technology poses a threat. The key takeaway is that the vast majority of quantum risk exposure in today’s Bitcoin ecosystem stems from management-level issues, which can be effectively controlled or even drastically reduced by steps like avoiding address reuse and standardizing wallet usage protocols.