119,000 BTC Shifted After Coldcard Hack, Minimal Sales Observed

A remarkable movement of dormant Bitcoin has been observed, with approximately 119,000 BTC shifting within three days following a Coldcard wallet vulnerability. This event, reported by Glassnode, comes after the theft of around 594 BTC from Coldcard. Notably, only about 10% of the moved Bitcoin reached exchanges, suggesting a trend toward wallet migration rather than widespread selling. This shift may signal changing dynamics in the crypto market, urging traders to remain vigilant.

What Went Down

The crypto market just witnessed a sharp movement as dormant Bitcoin began to shift significantly. According to Glassnode, this surge involved 119,000 BTC moving within a short timeframe after the Coldcard theft incident. Despite this substantial movement, the volatility remains historically low, with Bitcoin trading in a range-bound manner. Only a small portion of the moved Bitcoin reached exchanges, indicating that most holders are likely migrating their assets rather than liquidating them, adding an interesting dynamic to the market.

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