JuicyTalk
| At block 950,000, 6.90 million BTC are cryptographically exposed, equal to 34.45% of circulating supply. That headline number should not be read as the amount of bitcoin likely to be lost in a quantum event. Practical risk depends on whether the owner can respond, whether the entity is operationally active, whether the balance is large enough to justify the cost of attacking, and how quickly funds can be migrated. Considering those dimensions, the risk profile is narrower, more concentrated, and more dormant than the raw exposure figure implies. |
| 6.90M BTC Raw exposed supply |
| 34.45% Raw exposed share |
| 3.33M BTC Active >=1 BTC exposure |
| 2.28M BTC Dormant unknown >=1 BTC |
Exposure Decomposition
| View | Exposed BTC | % Supply | % Raw Exposure | Groups | UTXOs | Migration Est. |
| Raw total exposure | 6,900,573 | 34.45% | 100.00% | 16,047,454 | 102,347,011 | ~140.99 days |
| Active, >=1 BTC, 5-year threshold | 3,331,639 | 16.63% | 48.28% | 46,163 | 4,906,508 | ~9.37 days |
| Never-spent + inactive, >=1 BTC | 3,413,767 | 17.04% | 49.47% | 113,627 | 2,669,847 | ~5.29 days |
| Never-spent + inactive, >=1 BTC, known entities removed; Satoshi retained | 2,277,978 | 11.37% | 33.01% | 73,658 | 1,096,018 | ~2.56 days |
| Same filter, >=10 BTC | 2,187,481 | 10.92% | 31.70% | 39,897 | 365,830 | ~23.33 hrs |
| Same filter, >=100 BTC | 351,654 | 1.76% | 5.10% | 675 | 33,573 | ~2.17 hrs |
Migration estimates are useful for relative sizing, not as forecasts of real-world coordination, fee pressure, or user behavior.
Bitcoin Quantum Exposure Analysis Brief – Block 950,000 Page 1
Top-Level Analysis
1. The headline exposure figure overstates practical theft risk.
The raw view shows 6,900,573 BTC exposed, but it intentionally treats exposure as a cryptographic condition: a public key has appeared on-chain. That is the right starting point, but it is not the same as economic loss risk. A live exchange wallet, an institutional multisig, a dormant early address, and an abandoned key can all be cryptographically exposed while having very different abilities to migrate.
2. Active and known-entity exposure is less concerning than raw exposure implies.
The active >=1 BTC filter captures 3,331,639 BTC, or 48.28% of all exposed supply. This is a large amount of bitcoin, but it is concentrated in 46,163 groups rather than millions of unmanaged holders. The largest visible active exposures include operational entities such as exchanges, brokers, custodial multisig operators, stablecoin infrastructure, and mining-related wallets. These entities are among the most likely to monitor quantum developments, coordinate wallet rotations, and migrate before a practical attack window opens.
This does not make the exposure irrelevant. It creates coordination and execution risk. But it is meaningfully different from lost-key risk: active custodial and exchange balances are generally the coins most likely to move first in a credible threat scenario.
3. The core long-term problem is dormant and non-responsive exposure.
When active entities are removed and the view is narrowed to never-spent or inactive balances of at least 1 BTC, exposed supply is 3,413,767 BTC. After removing known operational entities while retaining Satoshi-attributed coins, the remaining exposed supply falls to 2,277,978 BTC across 73,658 groups and 1,096,018 UTXOs.
That 2.28M BTC segment is the cleanest approximation in this dataset of the harder-to-mitigate exposure surface: early holders, inactive self-custody, old address reuse, dormant P2PK outputs, and coins that may be lost or otherwise unable to respond. This is where the practical quantum risk is most persistent.
4. Quantum attack economics make the target set smaller still.
A capable quantum adversary would still face operating costs, limited throughput, opportunity costs, transaction fees, and operational risk. The rational target set is therefore unlikely to be every exposed key. It is more likely to start with the highest-value exposed balances.
Applying balance thresholds shows how quickly the practical attack surface compresses. With known entities removed and only dormant or never-spent balances included, the >=10 BTC view still contains 2,187,481 BTC but only 39,897 groups and 365,830 UTXOs. At >=100 BTC, the target set drops to 351,654 BTC across just 675 groups and 33,573 UTXOs.
Bitcoin Quantum Exposure Analysis Brief – Block 950,000 Page 2
Script-Type and Threshold Observations
Filtered to only show never-spent + inactive balances, known operational entities removed, Satoshi coins retained unless excluded by the balance threshold.
| Script Type | >=1 BTC | >=10 BTC | >=100 BTC | Observation |
| P2PK | 1,715,778 BTC | 1,715,539 BTC | 10,246 BTC | Dominates dormant exposure at lower thresholds because early P2PK outputs are exposed by construction and mostly inactive. |
| P2PKH | 408,789 BTC | 356,368 BTC | 273,865 BTC | Becomes dominant in the >=100 BTC view after Satoshi-era 50 BTC outputs drop out. |
| P2SH | 43,444 BTC | 34,225 BTC | 21,113 BTC | Falls sharply once known operational entities are removed; remaining dormant script-hash exposure is relatively small. |
| P2WPKH | 8,696 BTC | 5,271 BTC | 2,194 BTC | Low in the non-entity dormant view, consistent with more modern wallet behavior and activity. |
| P2WSH | 2,938 BTC | 2,886 BTC | 2,750 BTC | Very small after known-entity removal; much broader P2WSH exposure is likely institutional and active. |
| P2TR | 98,327 BTC | 73,193 BTC | 41,486 BTC | Always exposed at the key level, but the high-value dormant non-entity subset remains limited. |
Displayed totals may differ by a few BTC from KPI totals due to dashboard rounding at the script-type level.
Important threshold note
The apparent crossover from P2PK dominance at the >=10 BTC threshold to P2PKH dominance at the >=100 BTC threshold should not be interpreted as P2PK risk disappearing. It is primarily a filter artifact: the Satoshi-attributed P2PK outputs in this dataset are 50 BTC per key, so they are included at >=10 BTC and excluded once the pubkey balance threshold exceeds 50 BTC. That exclusion causes the P2PK bucket to collapse from roughly 1.716M BTC to about 10k BTC in the >=100 BTC view.
Bottom Line
| The strongest reading of the block-950,000 snapshot is that Bitcoin has a large cryptographic exposure surface but a much narrower practical exposure surface. Active known entities make up a major share of exposed supply, yet they are also the most likely participants to migrate quickly. The more persistent risk is concentrated in dormant, non-responsive, and possibly lost coins. Once known entities and low-value targets are filtered out, the economically attractive target set becomes very small: 351,654 BTC across 675 groups at the >=100 BTC threshold. Quantum exposure is therefore best understood as a concentrated dormant-coin problem, not a uniform risk across all exposed bitcoin. |
Data source: Bitcoin Quantum Exposure Dashboard snapshot at block 950,000. This analysis assumes the dashboard methodology PDF supplied separately to the editor.
This piece is featured in the latest Print edition of Bitcoin Magazine, The Quantum Issue. We’re sharing it here as an early look at the ideas explored throughout the full issue.
