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Bitcoin Dormant Supply Reaches 3.5–4 Million BTC as BIP 360 Introduces P2MR Quantum Defense

Around 3.5–4 million BTC, or 18% of Bitcoin's 21 million supply cap, are considered lost or dormant, while recent quantum computing concerns center on legacy P2PK wallets that could theoretically be cracked and release so-called "zombie" coins, Bull Theory data show. Bitcoin's circulating supply stands at about 20.34 million BTC with 0.66 million yet to be mined, distributed across retail and other investors (8.63 million BTC, 42%), lost and dormant coins (3.50 million BTC, 17%), exchanges (2.30 million BTC, 11%), miners (1.80 million BTC, 9%), public and private companies (1.40 million BTC, 7%), ETFs and funds (1.30 million BTC, 6%), and governments (0.13 million BTC, 1%). Developers merged BIP 360 into Bitcoin's codebase, introducing Pay-to-Merkle-Root (P2MR) to bolster Taproot addresses against long-exposure quantum attacks, while institutions such as ETFs, funds and corporates have accumulated about 2.53 million BTC since 2020 and absorbed 1.314 million BTC of redistribution in the current cycle, a pattern some analysts say suggests the market may be overestimating quantum-related risks.
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