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BTC On-chain analysis firm Glassnode points out that Bitcoin address reuse is increasing the risk of public key exposure.
On-chain data analysis firm Glassnode said that Bitcoin address reuse is causing the growing supply of the network to face the risk of public key exposure. The discovery raises new questions about the privacy practices of Bitcoin holders who reuse wallet addresses.
Glassnode's views on Bitcoin address reuse
Glassnode tracks on-chain behavior on the Bitcoin network and has marked "address reuse" as a mechanism through which more and more bitcoins are stored in addresses on public keys. The company has previously released detailed network analysis reports to distinguish behavioral patterns by wallet type, but this latest observation extends this work to the field of Address Hygiene.
Address multiplexing refers to the behavior of Bitcoin holders sending or receiving funds to the same address multiple times. While this does not immediately endanger the security of funds, it creates a condition for the underlying public key to become visible on the blockchain. With the development of cryptographic research, this state has long-term effects.
How address multiplexing makes public keys visible
比特币地址是通过哈希过程从公钥衍生而来的。当比特币地址从未用于发送资金时，公钥便隐藏在该哈希值之后。然而，从地址发出的第一笔交易要求发送方广播公钥作为签名验证过程的一部分，从而使其在区块链记录中永久可见。
在该首次支出后，如果该地址被再次使用，那么存放在该地址中的任何比特币现在都与完全可见的公钥相关联。在当前密码学标准下，安全风险并非迫在眉睫，但这种暴露是一种永久的链上状态。Glassnode 的观察结果是，随着网络上复用习惯的持续，这类持有在公钥可见地址中的比特币所占比例正在增长。
Glassnode 此前曾标记过类似的结构变化：其对大型与小型钱包盈利能力的分析，以及其在期权市场的杠杆追踪，都说明了其关注的是能够大规模改变比特币持有风险敞口的行为。
不断增长的可见份额为何对比特币用户至关重要
可见份额增长的意义不在于资金在当下条件下立即处于风险之中。担忧在于未来：使今日公钥暴露无害的密码学假设并不能保证无限期地成立。拥有更多公钥可见的比特币池，扩大了如果这些假设减弱时将相关的表面区域。
For everyday Bitcoin users, the practical impact is obvious: Generating a new address for each transaction prevents public key exposure and limits the on-chain footprint measured by Glassnode. Hardware wallets and most modern software wallets handle this issue automatically through the hierarchical deterministic (HD) wallet standard, but older or manually managed wallets do not enforce a fresh address policy by default.
This finding is also intertwined with Bitcoin's broader privacy landscape. Address reuse not only exposes public keys, but also links transactions together, making it easier for on-chain analysts to track spending history. Glassnode's data suggests that the share of Bitcoin affected by this behavior is not a static or shrinking minority, making potential wallet hygiene issues a real issue in the long-term security landscape of the network.
