Bitcoin’s long-term security model is once again under the spotlight following new data from Glassnode suggesting that the network could face theoretical risks in a future dominated by quantum computing. The report shows that a significant portion of BTC’s circulating supply could be vulnerable in the future if quantum technology advances to the point where it can break current cryptographic protections.
Glassnode’s Data Reveals The Scale Of Potential Future Exposure
New data from Glassnode, an on-chain data analytics platform, has shed light on a potential long-term change facing Bitcoin’s security model. Crypto trader Evans revealed on X that the analysis estimates that approximately 6.04 million BTC, nearly 30% of the total BTC supply, could theoretically be at risk from future quantum computing threats.
This is because the public keys associated with those coins have already been exposed on-chain. However, what stands out even more is that roughly 4.12 million BTC of the risk is associated with address reuse and outdated custody methods that unnecessarily increase public-key exposure.
In addition, the data also indicates that centralized exchanges collectively hold more than 1.6 million BTC in potentially exposed addresses.
Comparing Current Volume Collapse To The 2023 Bear Market
Bitcoin spot trading volumes have collapsed by approximately 81% since October 2025, pushing market activity back to levels typically associated with bear market conditions. A Verified Author for CryptoQuant, known as Darkfost, has pointed out that to find similarly low participation, one would have to look back to July 2023, highlighting just how sharply spot volumes have declined.
Despite the broader slowdown, major exchanges like Binance continue to dominate the market with $36.4 billion in trading volume, and recorded $198.6 billion in October 2025. Therefore, volumes are nearly 5 times lower in the current market, representing 81% decline, and Binance is far from an isolated case.
Meanwhile, Gate.io has also seen a massive 79.6% drop in volumes, and Bybit is down 66%. This development primarily reflects a macro environment that has been unfavorable for risk assets such as cryptocurrencies. The persistently rising inflationary pressures and the prolonged US-Iran tensions have pushed investors toward preferred commodities and traditional equity indices over crypto markets.
According to Darkfost, this dynamic can also be interpreted constructively. The sharp decline in trading activity shows that the selling pressure behind the current retracement is gradually losing momentum.
Historically, prolonged periods of weak spot volume have often coincided with the later stages of market corrections, when selling pressure begins to exhaust itself, and speculative excess is flushed from the system. Notably, a similar collapse in trading activity occurred near the end of the 2023 bear market before volatility returned and the bullish trend recovered.
Featured image from Getty Images, chart from Tradingview.com
