Bitcoin active addresses spiked to 978k on July 31 due to Coldcard bug, but exchange inflows remained below average, indicating wallet migration rather than selling pressure.
Macro & Markets ·
A Coldcard software bug triggered a sharp spike in Bitcoin address activity on July 31, with on-chain addresses reaching 978,570—approximately 1.6 times the month's prior average. Activity remained elevated in early August, averaging around 720,000 addresses between August 1 and 6, up from roughly 610,000 in July. However, the surge did not correlate with increased selling pressure.
Exchange inflows during the first week of August averaged $1.55 billion, falling below July's roughly $1.67 billion daily average, according to Santiment data. Sentiment metrics also deteriorated: Santiment's balance index dropped to -540 on August 1, marking its weakest reading since February. Together, these indicators suggest users moved coins between wallets rather than depositing holdings onto exchanges for sale.
The pattern underscores a distinction between raw on-chain movement and realized selling activity. While the Coldcard issue mobilized a large number of address transfers, the lower-than-average exchange inflows indicate the activity reflected wallet rebalancing or security measures among holders rather than a shift toward liquidation.