Whales Snap Up Bitcoin as Retail Fears Intensify
The recent Coldcard security incident has left retail holders of Bitcoin scrambling to secure their holdings. However, this trend seems to be playing right into the hands of larger investors, known as 'whales', who are quietly buying up thousands of BTC.
According to fresh on-chain data from Santiment, whale wallets have accumulated 19,610 Bitcoin in just a few days, representing a 0.14% increase in holdings since July 29. Meanwhile, smaller wallets holding less than 0.01 BTC reduced their balances by 0.55% over the same period.
The timing of this accumulation coincides with the fallout surrounding the Coldcard firmware entropy flaw, which has reportedly exposed affected wallets to potential theft. Estimated losses have now exceeded $87 million at current prices, but it's clear that whales are not letting fear dictate their investment decisions.