Bitcoin Wallet Activity Hits 1-Year High After Coldcard Security Scare

Highlights:

• Santiment reported that Bitcoin wallet activity reached 751,000, marking its strongest spike over the past ten months.
• The analytical firm also reported that 2.27 million new wallets joined the Bitcoin network, marking its highest increase in the past year. 
• Bitcoin’s price has spiked slightly over the past 24 hours but continues to trade below $65,000.   

Bitcoin (BTC) has seen a major surge in network activity, as more users continue to create and use Bitcoin wallets. In an X post on Friday, Santiment reported that 2.27 million new wallets joined the Bitcoin network. This is the highest level ever seen over the past 12 months. At the same time, roughly 751,000 wallets were active, representing Bitcoin’s strongest active-wallet reading in about 10 months. These spikes came as Bitcoin users reacted to the Coldcard wallet security incident. 

A Coldcard firmware bug that had existed for about five years reportedly allowed attackers to drain funds from thousands of wallets. So far, estimates of the total losses from the exploit are still being updated. However, a recent Galaxy research shows that the losses have exceeded $100 million. Santiment explained that the security scare may have pushed many Bitcoin users to change their asset positions. 

For instance, some users may have moved their BTC, created new wallet addresses, or changed their custody arrangements. All these actions would directly spike Bitcoin on-chain activity. However, they do not necessarily mean that users are buying or selling large amounts of BTC.

🔐 Bitcoin has just posted a huge on-chain week. Network growth reached 2.27M new wallets, the highest level of the past year, while 751K active wallets marked the strongest reading in 10 months.

📈 The biggest catalyst is the Coldcard wallet chaos. Security shocks pressure… pic.twitter.com/fBEGeSPbNO

— Santiment Intelligence (@SantimentData) August 7, 2026

Santiment Explains How Major Events Could Influence Investors’ Behaviour

The on-chain firm noted that when fear spreads, users often become more active by moving funds and reviewing their positions. The same scenario plays out when market sentiment turns positive, as rising interest can attract more people into the market. 

Santiment explained:

“Polarizing events often create the strongest on-chain reactions for BTC and altcoins alike. Fear rises fast, greed follows fast, and both emotions push more people to transact, reposition, and pay attention, which can reignite demand after quiet stretches.”

The analytical firm also explained how an increase in network activity could matter for large Bitcoin holders. When small investors are worried, and network activity rises, larger holders can sometimes capitalize on market uncertainty to increase their holdings. 

Santiment added:

“The combination of rising usage plus stronger-hand accumulation has historically been constructive for price over the following weeks and months.”

BTC’s Price Spikes Slightly as Bitcoin Wallet Activity Attains New Height

At the time of press, Bitcoin’s price has gained 1% in the past 24 hours. It is changing hands at approximately $64,963 with a market capitalization of about $1.304 trillion and trading volume of approximately $21.48 billion. In the past week and month, Bitcoin’s price has spiked 3.2% and 4.9%, respectively. The asset has also dropped 44.3% year-to-date. 

In addition, BTC’s price has dipped 48.5% below its $126,080 all-time high (ATH) attained in October 2025. Bitcoin’s supply inflation and volatility have remained low at 0.82% and 1.29%, respectively. Sentiment stays neutral, while the “Fear & Greed Index” continues to point to fear at 30.

 On August 3, Santiment reported that large Bitcoin wallets holding between 10 and 10K BTC added 19,610 tokens since July 29. At the same time, small retail wallets holding below 0.01 BTC now own 0.55% less BTC. The analytical firm said the recent accumulation coincided with the Coldcard exploit, as whales bought more Bitcoin while retail investors sold their holdings.

🐋 Bitcoin’s 10 to 10K BTC wallets have added 19,610 more coins (+0.14%) since July 29th. Small retail wallets under 0.01 BTC now hold 0.55% less.

🔐 The timing lines up with the Coldcard fallout. A firmware entropy flaw put affected wallets at risk, with estimated losses now… pic.twitter.com/vwWVCNLoxK

— Santiment Intelligence (@SantimentData) August 3, 2026