Well, as per
BIP32, extended keys have 1 byte for the level they are at. 0x00 for the master key, 0x01 for the first level, 0x02 for the second level, and so on, up to 0xFF. This means you can have a total of 255 levels after the m. It also allows 4 bytes for the index. This means a total of 2
32 possible indices for each of those 255 levels. So a single seed phrase can generate (2
32)
255 + (2
32)
254 + (2
32)
253 + (2
32)
252 + .... private keys. This number works out at 2.5*10
2456, which is
many orders of magnitude higher than the set of all possible private keys (a little less than 2
256). This means that not only can any seed phrase (almost certainly) generate any private key at the right derivation path, but any seed phrase can generate any private key billions and billions of times over at many different derivation paths.
possible child keys when following the BIP32 protocol. This is many orders of magnitude higher than the set of all possible valid private keys, meaning every seed phrase could generate any private key if you had the "right" derivation path.