A suspected vulnerability in Coldcard wallets led to the theft of an estimated 1,367 Bitcoin, valued at over $88 million. The incident triggered a major on-chain reaction: 119,000 BTC dormant for at least a year moved across the network within three days.
The 119,000 BTC that moved is roughly 200 times the initial reported theft of 594 BTC, indicating a widespread precautionary response from wallet holders shifting funds to new addresses.
Only about 10 percent of the awakened Bitcoin reached exchanges. Most transfers were wallet migrations by users securing their funds, not a broad sell-off following the security event.
Glassnode on-chain data shows the initial loot from the Coldcard incident moved into fresh cold storage, indicating the attackers did not immediately liquidate the stolen assets onto public exchanges.
Galaxy analysts said approximately 90 percent of the stolen Bitcoin has not moved from attacker addresses. Those funds remain traceable and are under active surveillance, reducing immediate liquidation pressure on the market.
The wallet activity drove Bitcoin's active supply to a 2026 record. Roughly 890,000 BTC changed hands over seven days, the highest seven-day active supply recorded this year.
The Coldcard attacks drove that acceleration in active supply, analyst Lunde said. The event effectively doubled Bitcoin's hot supply in one week as long-term holders shifted positions.
Bitcoin traded at $64,823, up 0.8 percent over 24 hours, holding a range-bound price at historically low volatility despite the on-chain activity. Global equities and gold reached record highs during the same period.
U.S. spot Bitcoin exchange-traded funds shed approximately 65,800 BTC in June as the market absorbed new on-chain dynamics and broader macroeconomic factors.
Upside implied volatility for Bitcoin fell to a record low near 23 percent, reflecting subdued expectations for significant upward price movement in the near term.
The market absorbed large-scale wallet migrations and theft without measurable sell pressure. Bitcoin's underlying structure held firm through a security incident that triggered extensive on-chain reconfiguration.
