Glassnode reports that over 6 million bitcoins, representing 31.2% of the circulating supply, sit behind exposed public keys on the blockchain. This exposure splits into two categories: structural (1.94 million BTC, including 1.71 million in legacy P2PK format and 222,000 in Taproot) and operational (4.33 million BTC, resulting from address reuse). Exchange platforms show wide disparities: Robinhood at 100% exposure, Binance at 83%, while Coinbase stands at just 10%. Justin Drake (Ethereum Foundation) issued the “bunker mode” alert, citing the theoretical threat of ECDSA breakage by artificial intelligence, though no practical attack has been demonstrated to date.
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