Bitcoin's onchain activity spiked this week, with 2.27 million new wallets and 751,000 active wallets, the strongest numbers in months, according to Santiment. The surge comes as holders pull funds off Coldcard hardware wallets following a firmware exploit that drained more than $116 million. The data shows a network suddenly in motion, as users respond to a security breach.
The numbers
Santiment's figures show 2.27 million new wallets created this week, and 751,000 active wallets. That's the most onchain activity in months. The numbers are a sharp departure from recent trends, though the exact comparison isn't specified.
New wallets represent addresses created for the first time, while active wallets are those that participated in transactions. The combination suggests both new users and existing users moving funds.
The Coldcard exploit
The reason for the activity is a firmware exploit on Coldcard hardware wallets. The exploit has drained more than $116 million from affected devices. Coldcard is a popular hardware wallet brand, and this incident has shaken confidence.
Details of the exploit are scarce, but the impact is clear: holders are pulling their coins off the devices.
The migration
Santiment attributes the onchain surge to holders moving funds off Coldcard wallets. The migration is driving the spike in new wallet creation, as users open new addresses to receive their funds.
The data reflects a direct response to the security incident. When a hardware wallet is compromised, the natural reaction is to move assets to safer storage. This week's numbers show that happening at scale.
The exploit has already drained more than $116 million, and the full extent of the damage isn't known. Coldcard hasn't commented publicly, and it's unclear whether the exploit is fully patched.
For now, the onchain data offers a clear picture: Bitcoin users are on the move, and they're not waiting for answers.
