ME News reports that on August 3 (UTC+8), according to Onchain Lens monitoring, a Bitcoin whale ended a four-year dormancy and transferred 730 BTC (approximately $46.12 million) to a new wallet one hour ago. On-chain history shows that this wallet accumulated the above holdings over the past seven years. Previously, it was reported that another whale ended a seven-month dormancy today, transferring 16,400 BTC to a new address. Analysts suggest that the ongoing attacks on Coldcard, a Bitcoin hardware wallet manufacturer due to a vulnerability, may have damaged the long-term savings of some users and served as a key factor prompting the whale to move its holdings. The security of hardware wallets is now under serious scrutiny, potentially causing widespread concern among long-term holding whales, who are beginning to transfer their assets to new addresses to mitigate risk. (Source: BlockBeats)
Bitcoin whales transfer holdings amid concerns over cold wallet security
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Summary
Bitcoin whale activity surged as a major holder transferred 730 BTC ($46.12 million) after four years of inactivity. Onchain Lens noted the funds had been held for seven years. Another whale moved 16,400 BTC after seven months. Analysts attribute these movements to Coldcard security concerns. With the risk-to-reward ratio shifting, long-term holders are reassessing their storage strategies amid growing wallet security concerns.
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