Bitcoin On-Chain Activity Surges Following Coldcard Security Incident

CryptoQuant analysts say that Bitcoin on-chain activity surged after the Coldcard security incident. According to their data, daily active addresses for Bitcoin increased from roughly 645,000 on July 31 to nearly 1 million.

This spike in activity is not necessarily a sign of selling, however, but rather asset repositioning driven by holders shifting funds across the network in response to security concerns. The largest daily volume recorded since the FTX collapse was seen during this period, with approximately 39,600 BTC transferred involving less than 1 BTC.

CryptoQuant also noted that exchange inflows from small holders climbed to their highest point since early February and spending by long-term holders increased. Meanwhile, the number of pending Bitcoin transactions in the mempool rose sharply.