🚨$38M worth of Bitcoin stolen, yet the market barely drops? A truly worrying signal has arrived!
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Since August, Bitcoin’s overall trend has been relatively weak, starkly contrasting with the U.S. stocks and gold hitting fresh highs. Although BTC is still holding its ground at high levels, market sentiment is clearly becoming more cautious.
📉 Coldcard vulnerability triggers large-scale asset transfers
On July 31, Coldcard hardware wallets were reported to have a key generation vulnerability lasting up to 5 years. The attacker successfully stole about 594 BTC, worth over $38 million.
After the incident was exposed, many users urgently moved their assets.
📊 Glassnode data shows:
🔹 Within 3 days, about 119,000 BTC were reactivated and transferred
🔹 Approximately 10% of funds flowed into exchanges
🔹 This is one of the largest wallet migration events in the recent period
However, what’s unexpected is that the BTC price barely saw any major volatility.
🏦 ETF flows continue to be net outflows
Apart from the security incident, institutional capital is also changing.
Data shows:
📉 In June, U.S. spot Bitcoin ETFs recorded net outflows of about 65,800 BTC
📉 Cumulative outflows for the year-to-date have exceeded 218,000 BTC
Even though companies are still continuously allocating to Bitcoin, they are temporarily unable to fully offset the impact caused by ETF capital leaving.
⚠️ The real market issue isn’t a drop—it’s liquidity
Glassnode believes that currently, neither the buyers nor the sellers in the market are very active.
Even when on-chain capital at the scale of hundreds of millions of dollars moves, the price doesn’t change much, indicating:
✅ limited selling pressure
❌ but also insufficient buy-side demand
If new negative catalysts emerge in the future, market volatility could be quickly amplified.
📌 Summary
The biggest risk in the current market isn’t just the security vulnerability, but:
🔸 Ongoing ETF net outflows
🔸 Insufficient market liquidity
🔸 Investors remain relatively cautious
In the short term, BTC is still in a consolidation range. What truly determines the next move may be whether institutional capital returns again.
👇Click the top to watch the live stream
Bringing you the latest coverage of crypto market hotspots, on-chain data, and market developments as they happen!
#BTC #ETF #Coldcard
点击进入玖玖的粉丝群
Since August, Bitcoin’s overall trend has been relatively weak, starkly contrasting with the U.S. stocks and gold hitting fresh highs. Although BTC is still holding its ground at high levels, market sentiment is clearly becoming more cautious.
📉 Coldcard vulnerability triggers large-scale asset transfers
On July 31, Coldcard hardware wallets were reported to have a key generation vulnerability lasting up to 5 years. The attacker successfully stole about 594 BTC, worth over $38 million.
After the incident was exposed, many users urgently moved their assets.
📊 Glassnode data shows:
🔹 Within 3 days, about 119,000 BTC were reactivated and transferred
🔹 Approximately 10% of funds flowed into exchanges
🔹 This is one of the largest wallet migration events in the recent period
However, what’s unexpected is that the BTC price barely saw any major volatility.
🏦 ETF flows continue to be net outflows
Apart from the security incident, institutional capital is also changing.
Data shows:
📉 In June, U.S. spot Bitcoin ETFs recorded net outflows of about 65,800 BTC
📉 Cumulative outflows for the year-to-date have exceeded 218,000 BTC
Even though companies are still continuously allocating to Bitcoin, they are temporarily unable to fully offset the impact caused by ETF capital leaving.
⚠️ The real market issue isn’t a drop—it’s liquidity
Glassnode believes that currently, neither the buyers nor the sellers in the market are very active.
Even when on-chain capital at the scale of hundreds of millions of dollars moves, the price doesn’t change much, indicating:
✅ limited selling pressure
❌ but also insufficient buy-side demand
If new negative catalysts emerge in the future, market volatility could be quickly amplified.
📌 Summary
The biggest risk in the current market isn’t just the security vulnerability, but:
🔸 Ongoing ETF net outflows
🔸 Insufficient market liquidity
🔸 Investors remain relatively cautious
In the short term, BTC is still in a consolidation range. What truly determines the next move may be whether institutional capital returns again.
👇Click the top to watch the live stream
Bringing you the latest coverage of crypto market hotspots, on-chain data, and market developments as they happen!
#BTC #ETF #Coldcard