Glassnode data shows that 4.33 million BTC, representing approximately 21.5% of the circulating supply, sits in reused addresses with publicly visible keys on the blockchain. This operational exposure has risen by 14% recently. Combined with structural exposure from legacy formats like P2PK, the total share of BTC behind visible public keys reaches 31.2%, a level not seen since around 2016. Roughly 1.10 million BTC is linked to Satoshi Nakamoto through P2PK outputs. Exchanges hold approximately 1.79 million BTC under visible keys, with exposure rates varying widely by platform.
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