In operational exposure, exchanges account for 40%, clearly revealing the drawbacks of centralized systems.

Crypto News, Glassnode research shows that 6.04 million BTC (about $469 billion USD) have exposed public keys on-chain, accounting for 30.2% of the issued supply, which in theory could face future quantum computing attack risks. The remaining 13.99 million BTC did not show public key exposure. Glassnode says that exposed supply is divided into structural exposure and operational exposure, with structural exposure at 1.92 million BTC, or 9.6%; operational exposure at 4.12 million BTC, or 20.6%, mainly due to address reuse. Exchanges account for a prominent share within operational exposure, with related BTC at 1.66 million, or 8.3% of the total supply, roughly 40% of all operationally unsafe BTC.