Coldcard Hack Stirs Dormant Bitcoins, But Price Remains Stable
The recent Coldcard hack has sent shockwaves through Bitcoin's on-chain data, stirring dormant coins that had been untouched for over a decade. According to CryptoQuant, around $130 million in Bitcoin was drained due to the hack, but it has also triggered a defensive migration of funds among long-term holders.
The movement is characterized by small-holder transfers reaching 39,600 BTC on July 31, the highest daily total since November 2022. This surge is not solely driven by security concerns, as some dormant coins may have moved due to inheritance settlements or exchange consolidations.
A whale wallet labeled '18TExP,' dormant since 2013, moved its entire 500 BTC balance worth around $31.3 million today to a new address on August 3. This transaction was flagged by Whale Alert and assessed by Lookonchain as likely prompted by security concerns following the Coldcard hack.
The data from CryptoQuant's spent output age bands shows coins dormant for seven to 10 years becoming active around the hack window, with 935 BTC moving on August 3. This is the largest single-day total for that oldest cohort since March, according to CoinDesk's reading of the data.