The $120 million Coldcard hack, ongoing since July 30, has driven Bitcoin's mempool activity to a fever pitch. Transaction count hit 89,031 on Tuesday, the most since February 2025.
This isn't just about stolen funds; it's a mass exodus from self-custody. Active addresses are at a three-month high of 712,000. Whale transactions hit a five-month high of 61,800 as holders scramble to move coins.
Our read: the market is fearful. The Fear & Greed Index sits at 27. This Coldcard event is driving a liquidity shift, not a price drop, as funds move to exchanges or new wallets. Bitcoin's price has stayed range-bound ($62,000–$65,000) despite the network activity. Macro factors like the Clarity Act and 10-year real yield (now 2.41%) remain the primary drivers.
Immediate question: would you keep funds on a mid-tier exchange right now?
$BTC
This isn't just about stolen funds; it's a mass exodus from self-custody. Active addresses are at a three-month high of 712,000. Whale transactions hit a five-month high of 61,800 as holders scramble to move coins.
Our read: the market is fearful. The Fear & Greed Index sits at 27. This Coldcard event is driving a liquidity shift, not a price drop, as funds move to exchanges or new wallets. Bitcoin's price has stayed range-bound ($62,000–$65,000) despite the network activity. Macro factors like the Clarity Act and 10-year real yield (now 2.41%) remain the primary drivers.
Immediate question: would you keep funds on a mid-tier exchange right now?
$BTC