Coldcard hackers stole $116 million! A sudden surge in on-chain BTC $65,025 is just false prosperity
💡 Bearish illusion: 2.27 million new wallets aren’t buy orders—they’re retail panic moving out, and near-term selling pressure is about to hit.
In plain terms, these on-chain BTC data look scary, but they’re the result of fear. A major vulnerability was found in the Coldcard hardware wallet firmware, and hackers directly pulled away more than $116 million. When people see their cold wallets are no longer safe, they panic and transfer their coins to other addresses overnight. That’s why, this week, 2.27 million new wallets suddenly appeared on-chain, and active wallets surged to 751,000, setting a recent high. But remember: this isn’t fresh money coming in to buy the dip—it’s existing capital making a frantic exit.
It’s like a bank robbery—if you move your money from one account to another, does that make you richer? No. Instead, it just fully ignites market panic.
The impact on the market is very direct—don’t be fooled by the seemingly booming on-chain data.
In the short term, a large number of users shifting assets means extremely high trading congestion and soaring network fees. Some retail traders who are rushing to liquidate will seize the opportunity to dump. Currently BTC is at $65,025.99 (24h -0.47%), ETH at $1,920.56 (24h -0.79%). The market is already weak, and this wave of panic plus retail switching positions and sell pressure will likely push prices downward.
In the medium term, the trust crisis surrounding hardware wallets likely won’t be resolved quickly. The industry’s security “myth” is shattered again. Capital will accelerate out of higher-risk small coins, rotating back to absolute top-tier assets or outright cashing out to reduce risk.
My view is very clear: short term, I’m decisively bearish. Don’t blindly catch falling knives right now. Panic-driven selloffs triggered by security incidents are often more deadly than a technical breakdown. BTC at $65,025.99 is not really support at all. Once panic spreads, it will likely test lower levels. If you have positions, consider reducing on a rebound to protect your principal. If you’re in cash, keep watching—wait until the hacker incident settles fully and the coins get thoroughly “washed” before discussing dip-buying. ETH is comparatively weaker, and its decline may exceed that of the big BTC.
- Coin: BTC / ETH
- Direction: Bearish 📉 Predicting a drop
- Duration: BTC 12 hours / ETH 24 hours
If you agree that BTC will get hit one more time in the short term, hit like and let me see how many people there are
$BTC $ETH #BTC #ETH
📊 Historical backtest
- After similar news like “US stock selloff drags Bitcoin down to $85,000, credit spreads widen, and ...” (2025-11-21), BTC 12h rose/fell by -1.37%. The bearish call was ✅ correct
- Among 136 historical bearish news items about BTC, 64 matched the actual direction (accuracy: 47%)
⚠️ Not investment advice
💡 Bearish illusion: 2.27 million new wallets aren’t buy orders—they’re retail panic moving out, and near-term selling pressure is about to hit.
In plain terms, these on-chain BTC data look scary, but they’re the result of fear. A major vulnerability was found in the Coldcard hardware wallet firmware, and hackers directly pulled away more than $116 million. When people see their cold wallets are no longer safe, they panic and transfer their coins to other addresses overnight. That’s why, this week, 2.27 million new wallets suddenly appeared on-chain, and active wallets surged to 751,000, setting a recent high. But remember: this isn’t fresh money coming in to buy the dip—it’s existing capital making a frantic exit.
It’s like a bank robbery—if you move your money from one account to another, does that make you richer? No. Instead, it just fully ignites market panic.
The impact on the market is very direct—don’t be fooled by the seemingly booming on-chain data.
In the short term, a large number of users shifting assets means extremely high trading congestion and soaring network fees. Some retail traders who are rushing to liquidate will seize the opportunity to dump. Currently BTC is at $65,025.99 (24h -0.47%), ETH at $1,920.56 (24h -0.79%). The market is already weak, and this wave of panic plus retail switching positions and sell pressure will likely push prices downward.
In the medium term, the trust crisis surrounding hardware wallets likely won’t be resolved quickly. The industry’s security “myth” is shattered again. Capital will accelerate out of higher-risk small coins, rotating back to absolute top-tier assets or outright cashing out to reduce risk.
My view is very clear: short term, I’m decisively bearish. Don’t blindly catch falling knives right now. Panic-driven selloffs triggered by security incidents are often more deadly than a technical breakdown. BTC at $65,025.99 is not really support at all. Once panic spreads, it will likely test lower levels. If you have positions, consider reducing on a rebound to protect your principal. If you’re in cash, keep watching—wait until the hacker incident settles fully and the coins get thoroughly “washed” before discussing dip-buying. ETH is comparatively weaker, and its decline may exceed that of the big BTC.
- Coin: BTC / ETH
- Direction: Bearish 📉 Predicting a drop
- Duration: BTC 12 hours / ETH 24 hours
If you agree that BTC will get hit one more time in the short term, hit like and let me see how many people there are
$BTC $ETH #BTC #ETH
📊 Historical backtest
- After similar news like “US stock selloff drags Bitcoin down to $85,000, credit spreads widen, and ...” (2025-11-21), BTC 12h rose/fell by -1.37%. The bearish call was ✅ correct
- Among 136 historical bearish news items about BTC, 64 matched the actual direction (accuracy: 47%)
⚠️ Not investment advice