Bitcoin Network Hits Record with 728,000 Wallets: Critical Metric Declines for First Time This Year

While the cyberattack targeting Coldcard hardware wallets triggered massive activity on the Bitcoin network, critical on-chain metrics reached two-year record highs as investors panicked and moved their assets.

The cryptocurrency world continues to feel the aftershocks of the security breach experienced by popular hardware wallet manufacturer Coldcard. CryptoQuant recently shared data revealing that a massive wave of wallet activity occurred on the Bitcoin (BTC) network following this incident. As investors transferred their assets to different addresses due to security concerns, key indicators on the network shifted direction for the first time this year.

Two-Year Activity Record Broken on the Bitcoin Network

According to CryptoQuant’s weekly research report, approximately 728,000 Bitcoin wallets transferred their funds in a single day immediately following the hack. This figure represents activity that is 300,000 above the daily average, marking the highest level in the last two years. As seen in the shared on-chain chart, this intense traffic occurred while the Bitcoin price was hovering around $64,100, proving that users are shifting their assets to more secure storage methods.

The most notable change on the network occurred in the Mean Coin Age, a metric that shows the average amount of time coins are held in wallets. This data showed a decline for the first time since the beginning of the year, confirming that “old” coins that had not moved for a long time were relocated. Technically, this decline is considered a reflection of the panic in the market or investors’ search for a safe haven. This extraordinary increase in the number of wallets shows that not only major players but also small investors have taken action due to security concerns.