The Coldcard hardware wallet hack that started July 30th is still hammering the Bitcoin network. The incident triggered a wave of transactions as users moved coins, pushing the mempool to 89,031 pending transactions. That's the highest count since February 2025.
On-chain metrics tell the story. Active addresses hit 712,000, a three-month peak, while whale transaction volume climbed to 61,800, the most in five months. Blockchain activity surged particularly hard from late July onward, well above normal levels.
Price locked in, macro calls the shots
Bitcoin stayed flat throughout the chaos, bouncing between $62,000 and $65,000. More network activity usually lifts prices, but macro headwinds matter more here. Analysts flag the Clarity Act vote as a potential near-term trigger, though 10-year Treasury yields hold the real long-term key. Bitfinex warned that if yields climb past 2.5%, Bitcoin's positive macro setup collapses entirely.
The hack shows a tension in how Bitcoin works today. Once a payment network, spot ETFs cemented it as a store of value since early 2024. That shift appeals to institutions but tests whether the network can handle sudden spikes when security scares force mass movement of coins.
This article is informational only and not investment advice. Always conduct your own research before making crypto decisions.
