Bitcoin recorded a sharp uptick in onchain activity this week, with 2.27 million new wallets and 751,000 active wallets, the strongest levels in months. The surge coincided with widespread fund movements off Coldcard hardware wallets following a reported firmware exploit that has drained more than $116 million, according to onchain analytics shared by Santiment.
Network Activity Surges as Users Move Off Affected Wallets
Data compiled this week shows a notable rise in both newly created and active Bitcoin wallets. The acceleration appears tied to security-driven behavior rather than fresh capital inflows, as users moved funds and rotated addresses in response to the Coldcard incident.
Coldcard Exploit Spurs Self-Custody Shifts
The reported exploit targeting Coldcard firmware has prompted users to migrate assets away from impacted or potentially vulnerable devices. The onchain movements reflect precautionary transfers and address changes as holders reassess key management and storage setups. While the total losses are still being tallied, more than $116 million has been drained so far, based on figures circulating within the analytics community.
Security-Driven Spike, Not a Buying Spree
Onchain spikes during security incidents typically reflect address rotations, consolidations, and precautionary transfers rather than net new demand. As a result, higher wallet counts and activity should be interpreted carefully; they do not necessarily indicate increased accumulation or a shift in market trend.
By the Numbers
- New Bitcoin wallets this week: 2.27 million
- Active Bitcoin wallets this week: 751,000
- Context: Highest onchain activity in months, according to Santiment
Santiment’s dataset underscores how security events can rapidly reshape onchain behavior. Market participants are monitoring remediation steps and further guidance from affected vendors as the fallout continues to unfold.