Massive 119,000 BTC Movement in Bitcoin: Glassnode Reveals the Truth Behind the Activity

According to Glassnode data, the 119,000 Bitcoin (BTC) moved following a security vulnerability in Coldcard wallets is being evaluated as an operation to migrate investor assets to safe havens rather than a sell-off wave.

Recent massive Bitcoin (BTC) activity in the cryptocurrency market has sparked significant curiosity and concern among investors. The latest report published by the on-chain data analysis platform Glassnode has brought the truth behind these movements to light, easing “selling pressure” fears in the market.

According to the report, approximately 594 BTC was stolen due to a security vulnerability detected in Coldcard hardware wallets. Immediately following this cyberattack, approximately 119,000 BTC that had been dormant for over a year changed wallets in just three days. However, data shows that only about 10 percent of this massive amount was sent to exchanges. This proves that large investors are moving their assets to more secure new addresses instead of selling.

Bitcoin Investors Moving Wallets for Security

When analyzing the data, it is clearly evident that the sudden spike in the revival rate of dormant coins is not proportional to the net change on exchanges. While a total of 119,335 BTC woke from dormancy, the fact that only a very small portion of these assets were traded on exchanges confirms that the process is a wallet migration—essentially a security-driven migration.

Market dynamics also showed striking changes during this period. While US spot Bitcoin ETFs experienced net outflows of approximately 65,800 BTC in June, the upside implied volatility in options markets fell to a record low of 23 percent. While the Bitcoin price maintained its sideways trend, the fact that investors prioritized security over panic selling indicates that the long-term holding sentiment in the market remains intact.