ChainCatcher reports that, according to Cryptoquant, on July 31, on-chain activity surged as Coldcard users rushed to transfer funds. Daily active Bitcoin addresses spiked from 645,000 on July 30 to nearly 1 million—the highest level since December 10, 2024—driven almost entirely by sending addresses. The volume of transactions under 1 BTC reached 39,600 BTC, slightly below the 39,900 BTC recorded after the FTX collapse; transactions under $100,000 totaled $3.2 billion, the highest since November 21, 2024. Long-term holder spending rose from 269,000 BTC on July 30 to 406,000 BTC, the highest since January 14. Exchange deposits from small holders surged to the highest level since February 6. Mempool transactions jumped from 33,000 to approximately 96,000—the highest since June 20. Analysis indicates that a large number of users have already moved their funds, but an unknown number of holders may still be at risk.
Coldcard hack sparks surge in Bitcoin chain activity, nearing FTX collapse levels
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Summary
On-chain trading signals surged on July 31 following Coldcard’s hack, triggering a spike in Bitcoin network activity. Daily active addresses neared 1 million, primarily driven by sending addresses. Transfers under 1 BTC totaled 39,600 BTC, while whale activity revealed that long-term holders spent 406,000 BTC. Small-hold wallet inflows to exchanges reached their highest level since February 2026. Mempool transactions peaked at 96,000—the highest since June 2026. Analysts note that while many users have moved their funds, some remain exposed.
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