Coldcard Hack Triggers Historic Low in Bitcoin Bullish Sentiment

A recent security breach of Coldcard, a widely trusted hardware wallet, has sparked major safety concerns among Bitcoin investors. The attack led to a $70 million exploit, causing investors to lose millions in funds.

According to Santiment's data, the attack has caused a rapid shift in social sentiment around Bitcoin, with bullish comments being outnumbered by bearish ones. In fact, for every one bullish comment about Bitcoin, there are up to 1.72 bearish comments, resulting in a bullish-to-bearish ratio of just 0.58.

The current wave of negative sentiment is driven by concerns over self-custody, as investors question the safety of even hardware wallets. This fear has surpassed that seen during major geopolitical tensions earlier this year and even some of crypto's biggest historical events.