The Coldcard exploit has unleashed a wave of bitcoin movement, sending dormant coins into exchanges, multi-signature wallets, and new addresses while the market price barely reacts.
Key Takeaways
K33 found 890,000 BTC moved as the Coldcard exploit hit about 7,300 addresses.Newhedge.io recorded a 98% hot-supply jump while bitcoin’s price fell about 0.5%.Timechainindex.com said exchanges gained 22,052 BTC as holders await the next sweep.Active supply measures how much bitcoin has moved within a particular period, making it a useful gauge of how many coins are suddenly back in motion. Lunde explained that the acceleration was “very likely driven by the Coldcard attacks.” K33 estimated that roughly 1,596 BTC had been stolen from about 7,300 addresses when its report was prepared. The firm described the wider response as “panic visible onchain,” a fitting summary for a market where the price appears calm while wallet owners scramble behind the scenes.
In the analysis, Lunde further noted that this week’s Coldcard attack was:
The only BTC metric signaling hectic activity.
Hot Supply Nearly Doubles Without Lifting the Price
Bitcoin hot supply statistics gathered from Newhedge.io. K33 noted that bitcoin was trading within its narrowest 30-day high-to-low range since 2023, with realized volatility also sitting at low levels. Yet seven-day active supply entered the top 10% of readings measured against a rolling 365-day history. Similar bursts have appeared near both local market tops and bottoms in previous cycles, meaning the signal identifies significant stress and repositioning rather than guaranteeing a direction.
July 26 was the busiest day within that two-week period, with 758,094 transactions, followed by July 24 with 736,287 and Aug. 1 with 734,264. Daily activity remained above 600,000 transactions on 11 of the 14 days, showing sustained network use rather than one brief burst.
