Bitcoin on-chain transfers to new addresses jump after Coldcard wallet vulnerability report

Bitcoin’s network recorded anomalous activity across eight on-chain metrics shortly after reports of a vulnerability in Coldcard hardware wallets, according to Glassnode. The movement stood out because coins were being shifted to new addresses instead of exchange deposit addresses, suggesting a security-driven repositioning rather than a sell-off.

The volume of coins that had been untouched for more than one year exceeded the average by roughly ten times. The atypical flow came alongside a notable event: a wallet that had been silent for 12 years transferred its entire balance of 500 BTC, worth about $31.3 million at the time, to a new address.

Small holders, however, exhibited a different pattern of behavior, Glassnode noted, though the specifics were not detailed. The on-chain data indicates the broader spike was dominated by large, long-dormant wallets reacting to the Coldcard security concern.