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210,000 BTC moves from old wallets amid Coldcard breach concerns
Long-term Bitcoin holders moved approximately 210,000 BTC over the past week, marking the largest weekly decline since December 2024. Analysts believe the shift reflects changes in custody rather than large-scale selling following the recent Coldcard wallet breach.
According to Glassnode, long-term holders currently control about 14.7 million BTC. Before the Coldcard incident, the figure stood just below 15 million BTC, close to an all-time high.
Movement differs from previous selling waves
Glassnode classifies long-term holders as addresses that have held Bitcoin without moving it for at least 155 days. This group is generally viewed as the market's most resilient cohort.
Historically, sharp declines in long-term holder balances have coincided with major Bitcoin rallies. Similar waves were recorded in March 2021 and March and December 2024, when long-term investors sold coins into strong market demand.
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The current situation appears different. Bitcoin is trading near $64,000, roughly 50% below the all-time high reached in October. At the same time, the Coldcard breach did not trigger a fresh local price low.
Analysts therefore believe that at least part of the movement reflects wallet migration rather than profit-taking. The transfers are likely related to users moving funds into newly created wallets or to other custodial providers.
Coldcard users may have moved funds after firmware flaw
The attacks were traced to a flaw in one version of the Coldcard firmware. Under certain conditions, the vulnerability allowed attackers to reproduce wallet seed phrases and gain access to users' funds.
The wallet manufacturer advised affected users to create entirely new wallets and transfer their Bitcoin. Simply updating the firmware is insufficient if private keys may already have been compromised.
Researchers estimate that losses from the attacks may have reached $114 million, with thousands of wallet addresses potentially affected.
Some long-term holders may also have transferred funds to regulated custodians or spot Bitcoin ETFs. Over the past week, U.S. spot Bitcoin ETFs attracted approximately $754 million in net inflows, with most of the capital going into BlackRock's iShares Bitcoin Trust (IBIT).
As a result, the decline in long-term holder balances does not necessarily indicate widespread selling. Instead, it may reflect a broader shift toward new Bitcoin custody solutions.
The Coldcard incident comes as cybersecurity risks remain elevated across the crypto industry. During the second quarter of 2026, researchers recorded a record 83 successful hacks, resulting in approximately $755 million in stolen digital assets.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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