Key facts
- The Coldcard hardware wallet was subjected to a hack beginning July 30.
- Bitcoin's memory pool transaction count reached 89,031 on Tuesday.
- This is the highest count since February 2025.
- Active Bitcoin addresses and transactions from large holders also saw significant increases.
- Bitcoin's price has remained within its recent $62,000-$65,000 range.
A hack targeting the hardware wallet Coldcard, which began on July 30, has led to a significant increase in activity on the Bitcoin network. The number of transactions awaiting confirmation in Bitcoin's memory pool surged to 89,031 on Tuesday, marking the highest level since February 2025. This spike in network activity is also reflected in other metrics, with the number of active addresses reaching a three-month high of 712,000 and transactions from large holders, or 'whales,' climbing to a five-month high of 61,800, according to data from Blockchain.com and tracking firm Santiment.
Despite the increased network activity, Bitcoin's price has remained relatively stable, trading within its recent range of $62,000 to $65,000. Analysts are currently focused on the potential passage of the Clarity Act as an immediate catalyst for price movement, with the implied probability of its passage by year-end having fallen significantly. Longer-term, analysts at Bitfinex suggest that the bullish macro case for Bitcoin could be threatened if the real yield on the U.S. 10-year Treasury note surpasses 2.5%, a level not seen since before Bitcoin's existence.
The hack has raised questions about the long-term security of holding coins directly in hardware wallets, a practice that gained traction after the FTX exchange collapse in 2022. However, the increased transaction volume suggests that holders are actively moving their assets, potentially to exchanges or other wallets, which is seen as a positive sign for network engagement.