Glassnode Co-Founder: 6.26 Million BTC Held in Exposed Public Keys

The finding matters less as a technical curiosity than as a structural signal: coins sitting behind keys that are already visible are a standing pool of latent supply, and its growth outpacing new issuance means the exposure is compounding rather than washing out. That asymmetry affects how the market reads dormant balances and custody practices, since the risk is concentrated in holders who have not migrated to safer setups. Whether that migration accelerates — or the exposed share keeps climbing — is the open question worth watching.