An analyst at Galaxy Digital says early bitcoin holdings are spread across roughly 22,000 addresses, complicating attempts to seize funds.

The expert also highlights that exchanges and actively used wallets remain the primary vulnerability in a quantum attack scenario.

Distribution of early bitcoins

According to Galaxy Digital, coins associated with early bitcoin activity are not concentrated in a single storage location but dispersed across many addresses.

This fragmentation increases the operational difficulty of mounting a successful large-scale takeover of those private keys, analysts say.

Quantum risk focuses on active custodians

The firm emphasizes that the main quantum-related exposure today is with custodial services and participants who routinely sign transactions, rather than cold, dormant holdings.

Active market actors can mitigate this risk by migrating funds to post-quantum address schemes and updating key-management practices preemptively.

Market impact of hypothetical movements

Galaxy Digital estimates that even a hypothetical coordinated movement of all coins tied to the earliest wallets could cause heavy volatility, but the market could absorb significant losses.

Specifically, the assessment suggests the market is capable of withstanding a drawdown of up to 50% without collapsing the broader ecosystem.

Implications for security planning

Analysts recommend continued focus on hardening exchange custody, promoting post-quantum migration pathways, and improving key rotation procedures across the sector.

Such measures target the most exposed entities and aim to reduce the practical threat posed by advances in quantum computing to real-world users.