Bitcoin’s network is bustling with activity, the most we’ve seen in nearly two years. But don’t get too excited. This isn’t new people piling in. It’s fear.
After the Coldcard hardware wallet got exploited, a bunch of Bitcoin holders panicked and started moving their coins to safer wallets. Glassnode data shows daily active addresses hit 0.98 million, the highest since December 2024. Normally, a spike like that would mean bullish things. Not this time. It’s just people scrambling to protect their funds.
Now here’s the weird part, Bitcoin’s price hasn’t budged much. It’s hanging around the mid-$60,000 range, steady as ever. So you’ve got this jump in on-chain activity, but the price isn’t following. That tells you the two aren’t connected right now. All those transactions are just wallet shuffling, not fresh buying pressure.
Following the Coldcard firmware exploit, the number of active Bitcoin addresses surged to 0.98M/day, the highest since December 2024.
— glassnode (@glassnode) August 6, 2026
This is fear-driven on-chain activity. Holders migrating seeds and moving funds to alternative custody reflects an operational security response,… pic.twitter.com/BoKql7UpDH
We’ve seen spikes like this before during stressful times. But this one stands out because it wasn’t triggered by wild price swings, it was triggered by a security flaw. And yet, the Bitcoin price held firm. That says something about how strong conviction is underneath all the noise.
What Happened in the Coldcard Hack?
All this hustle traces back to one thing, a bug in Coldcard hardware wallets. Coinkite makes them. The flaw sat there for over five years without anyone noticing. Instead of generating seed phrases with the usual 128 bits of randomness, the affected devices only cranked out 40 bits. That made private keys way easier to crack. Attackers could figure out your wallet credentials without ever touching your device.
Galaxy Research says thieves have already made off with 1,596 BTC, that’s over $100 million, from about 7,300 addresses. They’ve hit in three waves so far, and there could be a fourth one coming.
That might push the total to nearly 2,055 BTC, or around $130 million. And it’s not just one group, at least 15 different attackers are racing each other to drain vulnerable wallets before owners wise up.
🚨 JULY WAS A BRUTAL MONTH FOR CRYPTO SECURITY.
— Wise Advice (@wiseadvicesumit) August 6, 2026
• $247M stolen
• Second-worst month of 2026
• Coldcard losses grew to $100M+
July was another reminder that even cold storage isn't immune to security risks. pic.twitter.com/ngtQCBB4Mp
Related Bitcoin News: The Exact Signal That Sent Bitcoin From $15K to $126K Just Flashed Again!
So Coldcard users are scrambling. They’re generating new seed phrases and moving their coins to safe storage as fast as they can. That flood of emergency transactions is why daily active addresses shot up to levels we haven’t seen since the FTX collapse. Glassnode says it’s all about security, not sentiment.
Coldcard told every affected user to move their Bitcoin immediately. No messing around. And even though thousands of wallets got hit, the BTC price stayed solid. That tells you people see this as a hardware problem, not a Bitcoin problem. The network itself is still trusted.
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