Bitcoin
Whale Wallets Accumulate 19,610 BTC as Retail Investors Sell After Coldcard Flaw
Large Bitcoin holders have added nearly 20,000 coins while smaller investors reduced positions following a firmware vulnerability in Coldcard hardware wallets.
On-chain data shows that wallets holding between 10 and 10,000 BTC accumulated 19,610 Bitcoin since late July, a 0.14% increase in their collective holdings. Over the same period, wallets holding less than 0.01 BTC reduced their balances by 0.55%, marking a divergence in investor behaviour during a period of heightened security concerns.
A firmware entropy flaw in Coldcard hardware wallets reportedly exposed users to potential theft, with estimated losses exceeding 1,360 BTC, valued at approximately $87 million. The security incident spread concerns across the market about self-custody more broadly, affecting even users whose wallets were not directly compromised.
Larger market participants appear to have capitalised on the retail sell-off and declining confidence, absorbing coins as smaller investors exited positions. From a technical standpoint, Bitcoin trades above the $60,730 support level but remains below the 50-day exponential moving average near $64,636. A break above the 50-day EMA could lead Bitcoin toward the 200-day EMA around $72,740, while another rejection at resistance might trigger a retest of the $60,730 support, with further downside possible if that level breaks.
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