Coldcard Hack Triggers Bitcoin On-Chain Surge to Yearly High

The recent Coldcard hardware wallet hack has prompted a surge in on-chain activity for Bitcoin. According to K33 Research, the seven-day active supply of BTC has hit a yearly high of 890,000 coins.

This spike in active supply is largely attributed to users transferring their funds from Coldcard wallets to alternative storage solutions or exchanges as a security precaution.

Historically, similar increases in on-chain activity have often coincided with local market bottoms. Analysts are speculating that the current trend may signal a bottoming phase for the market.

K33 Research notes that this pattern is not a guaranteed predictor of market trends and emphasizes the importance of considering macroeconomic conditions and regulatory news when making investment decisions.