Bitcoin users move BTC en masse after Coldcard hack

After the Coldcard security breach, Bitcoin holders are moving their coins in large numbers to safer addresses. On 31 July, the number of active addresses on the network peaked at nearly one million, the highest daily level in more than a year and a half. The traded volume in small transactions also reached a level reminiscent of the chaotic days around the collapse of FTX in November 2022.

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In short:

• The number of active Bitcoin addresses jumps on 31 July from 645,000 to nearly 1 million, the highest point since December 2024.
• On the same day, nearly 39,600 BTC change hands in transactions smaller than 1 BTC, similar to the levels directly after the FTX collapse.
• The peak is almost entirely in sending addresses, not receiving ones, pointing to a flight movement out of existing wallets.

Flight from existing wallets after Coldcard breach

On 30 July, approximately 645,000 active addresses are still registered on the Bitcoin network. A day later, on 31 July, that number shoots up to nearly one million. That is the highest daily level since 10 December 2024. The sudden movement coincides with the news of a serious security breach in the Coldcard MK3 hardware wallet, in which 594 BTC were stolen.

What is striking is that the increase comes almost entirely from sending addresses. The number of receiving addresses barely grows on the same day. This pattern suggests that people are actively sending coins away from their existing wallets, without an equal number of new recipients at the same time. So this is not about ordinary trading movements, but a targeted flight response from potentially vulnerable storage locations.

Transaction volume at FTX collapse level

Besides the number of addresses, the transaction volume also stands out. On 31 July, 39,600 BTC change hands in transactions smaller than 1 BTC. For comparison: on 16 November 2022, a few days after the collapse of FTX, that figure stood at 39,900 BTC. Those were the most turbulent days in recent Bitcoin history, when thousands of users brought their coins to safety after the exchange fell over.

That ordinary users with smaller amounts are now moving in comparable numbers shows how seriously the Bitcoin community takes the Coldcard security breach. Market sentiment already reached a historic low after the news of the hack. The Bitcoin price currently stands at $63.400, a slight increase of 0.6% in the past 24 hours.