Coldcard Hack Triggers Bitcoin Hot Supply Surge

The Coldcard exploit has sent shockwaves through the Bitcoin network, causing a significant increase in onchain activity. According to K33, approximately 890,000 BTC moved as a result of the attack, which targeted about 7,300 addresses. This surge in activity led to a nearly doubling of Bitcoin's hot supply, from 403,101.95 BTC on July 28 to 797,407.72 BTC on August 4.

The price of Bitcoin, however, remained relatively stable, slipping by only 0.5% over the same period. This disconnect suggests that the added activity was not solely due to enthusiastic buyers entering the market, but rather a result of theft-related sweeps, defensive wallet migrations, and holders preparing coins for possible sale.

Some of this repositioning appears to be heading toward centralized custodians, with exchanges receiving a net of 22,052 BTC since the Coldcard hack on Friday, according to Timechainindex.com. Holders may be using exchanges as temporary safe havens while they replace vulnerable wallets, although large exchange inflows can also increase potential selling pressure if the coins remain on trading platforms.