Which BTC are currently exposed to quantum risks? 'Static Quantum Exposure' refers to the portion of circulating BTC whose public keys have been revealed on-chain and could theoretically have their private keys reverse-engineered by quantum computers using Shor's algorithm. According to research, 6.04 million BTC are currently in a state of quantum exposure. We categorize this risk into two types: 1⃣ **Structural Exposure**: 1.92 million BTC; This mainly stems from script designs like P2PK, bare multisig, and Taproot, which inherently reveal public keys. Among these, coins from the Satoshi era are the hardest to migrate. 2⃣ **Operational Exposure**: 4.12 million BTC; This is primarily caused by address reuse, which leads to premature public key leakage. While this category is larger in scale, it’s also easier to mitigate. Out of this, 1.66 million BTC are associated with exchanges. Among the tagged balances, Coinbase has only 5% risk exposure, while other exchanges and known entities show relatively higher risk levels. Of course, this isn’t about emphasizing risk rankings or predicting a quantum timeline. The point is, most exposures are management issues that can be significantly reduced through operational measures like avoiding address reuse. - Data sourced from Glassnode's research report -