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Onchain Data: Coldcard Crisis Doubles Bitcoin's Hot Supply in Just One Week
A vulnerability in the Coldcard hardware wallet caused a large number of previously inactive bitcoins to be moved to exchanges, multi‑signature wallets and new addresses within one week, roughly doubling Bitcoin's hot supply.
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What happened
A vulnerability in the Coldcard hardware wallet caused a large number of previously inactive bitcoins to be moved to exchanges, multi‑signature wallets and new addresses within one week, roughly doubling Bitcoin’s hot supply.
Confirmed
Global impact / market context
Moving many coins to exchanges can lead owners to sell them, which may push the price down and shows that users of Coldcard face higher risk, prompting concerns about wallet security across the crypto world.
Analyst inference
Despite the sharp rise in on‑chain activity, Bitcoin’s price has remained largely unchanged, indicating that the market is absorbing the supply shock without immediate price impact, but the situation remains unusual for a typically quiet period.
Analyst inference
What to watch
- Further on‑chain movements from Coldcard addresses – continued transfers would confirm ongoing panic and could pressure prices. Analyst inference
- Announcements from Coldcard or other wallet manufacturers about patches or recalls – such actions could restore confidence and reduce hot supply. Proposed
- Exchange order books and volume trends – rising sell orders or higher trading volume would show how the new supply is being absorbed. Analyst inference
Affected assets
- BTC — Bitcoin