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210,000 BTC leave long-term wallets after Coldcard incident
Glassnode data show long-term holder supply fell by about 210,000 BTC to roughly 14.7 million as affected users migrated to new wallets or regulated custody after the Coldcard breach.
Coldcard fallout is appearing on chain, with about 210,000 bitcoin moving out of long-term holder wallets over the past week, according to Glassnode data cited by CoinDesk.
Glassnode defines long-term holders as entities whose coins have stayed dormant for around 155 days, just over five months. Long-term holder supply has dropped from nearly 15 million BTC to approximately 14.7 million BTC, the largest decline since December 2024 when bitcoin first approached $100,000.
CoinDesk attributes the moves to the Coldcard security breach, where weak randomness in affected firmware let attackers reconstruct some wallet recovery phrases and drain funds. Coldcard urged users to generate new wallets and move their bitcoin because updating firmware would not secure keys that may already have been compromised.
While long-term holder spending can historically align with market strength or tops, CoinDesk notes this wave is occurring near bitcoin’s recent lows, with trading around $64,000 and roughly 50% below its October all-time high. The article also points out that the behavior is more consistent with storage migration than conventional profit taking.
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