Bitcoin on-chain activity surges to a 10-month high in new wallets.

Huoxing Finance reports that on August 9, Santiment Intelligence stated that Bitcoin has just experienced a week of surging on-chain transaction volume. The number of newly created wallets reached 2.27 million, the highest level in the past year, while the number of active wallets hit 751,000, the highest in ten months. The primary catalyst was the chaos triggered by the Coldcard wallet incident. The security crisis forced users to transfer funds, create new wallets, rotate custody settings, and reassess their risk exposure—naturally driving a significant increase in wallet creation and activity. Polarizing events typically generate the strongest on-chain responses for Bitcoin and altcoins. Fear spreads rapidly, followed by greed; both emotions prompt more people to trade, adjust positions, and closely monitor market movements, reigniting demand after a market downturn. When retail investors are shaken and trading volume surges, large Bitcoin holders often take advantage of the turmoil to accumulate more aggressively. Historically, this combination of increased usage and accumulation by large holders has had a positive impact on price over the following weeks or even months.