Record Activity of 890,000 BTC on the Bitcoin Network: Analysts Call It a Bottom Signal

While activity on the Bitcoin network reached a peak for 2026 amid the panic caused by the Coldcard attack, K33 analysts point out that this intense on-chain activity could be a bottom signal for the market.

The Bitcoin (BTC) ecosystem is experiencing its most active days in recent years under the shadow of ongoing attacks on Coldcard hardware wallets. According to data shared by K33, approximately 890,000 BTC were moved over the past week, reaching the highest level of seven-day active supply for the year 2026. This massive movement indicates that investors are moving their assets to exchanges or different custody solutions due to security concerns.

The research firm states that this activity is not limited to Coldcard users alone. It is estimated that owners of other popular hardware wallets, such as Ledger and Trezor, are acting out of similar fear, turning to centralized custodians or multi-signature setups. Galaxy Research updated the scale of the attack, predicting that at least 15 different attackers have stolen 2,000 BTC worth approximately $130 million. K33 reports that the number of affected addresses is around 7,300.

Panic and Bottom Signal on the Bitcoin Network

Vetle Lunde, Head of Research at K33, evaluated this situation from a historical perspective, saying, “Panic is clearly visible in the on-chain data.” According to Lunde, such a surge in the seven-day active supply has historically coincided with periods when the market reached local bottoms or peaks. With Bitcoin’s price trading in its narrowest range since 2023 and realized volatility—which measures price fluctuations—falling even below the Nasdaq 100 index, this jump could be a harbinger of a major trend change.

Analysts emphasize that investors moving their assets to exchanges to avoid losses or searching for safe havens is driving the data upward. While it is noted that similar increases in active supply in February and June of this year resulted in sharp sell-offs, it is stated that the current picture could point to a capitulation phase that might end the market uncertainty. This tremor in the Bitcoin network is causing investors to re-evaluate their security protocols.