Supply Shift in Bitcoin Following Coldcard Crisis: Whales Accumulate 19,610 BTC

In the Bitcoin market, while retail investors panic-sold following the Coldcard security crisis, large-scale whales turned this situation into an opportunity by making substantial purchases.

The cryptocurrency market continues to be shaken by the repercussions of a security vulnerability involving the popular hardware wallet manufacturer Coldcard. Recent data shared by Santiment reveals a notable shift in market structure since July 29. As confidence in hardware wallets was shaken and small investors offloaded their assets, large wallet holders, known as whales, viewed this panic as an accumulation opportunity.

According to the data, wallets holding between 10 and 10,000 Bitcoin (BTC) have added 19,610 new coins to their portfolios since the end of July. This increase corresponds to a 0.14% rise in total supply. On the other hand, the proportion of small-scale retail wallets with less than 0.01 BTC saw a 0.55% decrease. This situation proves that market supply is rapidly shifting from small hands to large ones.

Whales Scoop Up Retail Investor Panic

It is estimated that losses due to the software error in Coldcard devices have exceeded 1,360 BTC, worth approximately 87 million dollars at current prices. The scope of the security crisis was not limited to stolen funds; the shaking of faith in hardware wallet security drove even investors not directly affected by the attack to reduce risk. As seen in the charts shared by Santiment, the contrast between the sharp decline of retail investors and the rise of whales highlights the scale of the market “shakeout” operation.

Experts state that these data reflect not only the hacked addresses but also the shift in supply distribution across the market. While retail investors lose confidence, institutional and large-scale players continue to increase their dominance over the Bitcoin price.