Coldcard Security Incident Triggers On-Chain Fund Migration, Bitcoin Small-Value Transfers Hit New High Since FTX Collapse

TechFlow News, August 2nd: Amidst the continuing fallout from the suspected hack of the Coldcard wallet, Bitcoin small-value transfer activity increased significantly, reaching the highest level since the collapse of the FTX exchange, prompting renewed market discussion on Bitcoin self-custody security issues. CryptoQuant Research Head Julio Moreno disclosed data showing that the amount of Bitcoin transferred in on-chain transactions under 1 BTC rose to the highest level since November 2022, with approximately 39,600 BTC transferred in a single day, only about 300 BTC lower than the record of 39,900 BTC set on November 16, 2022, a few days after FTX filed for bankruptcy. He believes that users proactively taking action to address risks is a positive signal. Additionally, Bloomberg ETF Senior Analyst Eric Balchunas believes that Bitcoin ETFs, with their mature regulatory frameworks and convenience, may offer a safer investment method for some users.