Bitcoin on-chain activity has surged over the past week: 712K active BTC addresses, whale transfers hit a five-month high
AI Market Summary
On-chain Bitcoin activity spiked to a 3-month high in active addresses and a 5-month high in $100K+ whale transfers, reportedly catalyzed by Coldcard-related key weakness fears and an estimated 2,055 BTC in losses. The security shock is driving fund migrations, wallet consolidation, and heightened transaction flow. Near-term conditions imply elevated volatility risk, with potential retail risk-off behavior offset by whale-driven reallocation that could reduce readily liquid supply.
Impact level
● Medium
Affected assets
BTC/USDT+0.93%
AI Insight · BTC/USDTAI Insight
● Neutral
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Bitcoin network activity has accelerated sharply over the past week. Over the last seven days, the network recorded 712K active BTC addresses, the highest level in three months. Whale activity also picked up, with 61.8K transactions above $100K, a five-month high.
Markets are pointing to the "Coldcard" disruption as a key driver. Multiple reports link the late-July fund sweeps to allegedly weak keys generated by Coldcard, with estimated losses exceeding 2,055 BTC, or about $130M. In response, affected users have been moving funds, consolidating wallets, and cutting exposure.
Volatility risk remains elevated in the near term. Over the next few weeks, fear could weigh on retail sentiment and trigger additional selling. At the same time, continued whale accumulation and security-driven coin migration could tighten liquid supply over the coming months if stronger hands keep absorbing panic flows.
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