Coldcard Fallout Triggers 210K BTC Exodus from Long-Term Holder Wallets

The recent Coldcard security breach has led to a significant movement of Bitcoin out of long-term holder wallets, according to data from Glassnode. Approximately 210,000 BTC have left these wallets over the past week, marking the largest decline since December 2024.

This decline is notable because it occurs when Bitcoin is trading at around $64,000, roughly 50% below its October all-time high. Historically, long-term holders tend to hold onto their coins through short-term volatility, but this time they are transferring them to newly generated wallets or regulated custody services.

The movement is linked to the Coldcard incident, where users were urged to generate new wallets and move their funds due to compromised keys. The breach affected thousands of addresses, with estimated losses reaching as much as $114 million.