A One-Year High on the Bitcoin Network: 2.27 Million New Wallets and Whale Activity

The security crisis involving Coldcard wallets has triggered the largest growth wave on the Bitcoin network in a year, leading to the creation of millions of new wallets.

While the cryptocurrency world is reeling from security concerns surrounding popular hardware wallet manufacturer Coldcard, this situation has been reflected in Bitcoin (BTC) network data as a record increase. According to current on-chain data shared by Santiment Intelligence, network growth reached a one-year peak last week with 2.27 million new wallets. Reaching 751,000 active wallets during the same period signals the strongest activity in the last 10 months.

The pressure exerted on users by security shocks has led to funds being moved to safe havens and the setup of new wallets. Users reviewing their current storage arrangements and transferring assets to different addresses has pushed transaction traffic on the network to an extraordinary level. Santiment analysts emphasize that such polarizing events often trigger the sharpest on-chain reactions and revitalize demand after quiet periods.

Fear and Whale Accumulation on the Bitcoin Network

While the environment of fear and uncertainty in the market creates panic among retail investors, large Bitcoin (BTC) holders—namely whales—generally view this chaos as an opportunity for more aggressive accumulation. As seen in the shared charts, the fact that network growth gained vertical momentum during a period when the price was trading within a certain range proves that assets are changing hands and entering a new restructuring process.

Historical data shows that the combination of increased network usage and accumulation by large investors, described as “strong hands,” creates a constructive effect on price. These findings, obtained from Santiment’s live data dashboards, set the stage for a positive outlook for the coming weeks and months. This panic-driven activity is expected to increase the resilience of the Bitcoin (BTC) ecosystem in the long term.