Bitcoin has surged close to $64,000 as the market stabilizes following a recent hack of Coldcard wallets and sales by the corporate entity Strategy, despite overall market sentiment still being categorized as "extreme fear."

By Francisco Rodrigues, Omkar Godbole, Shaurya Malwa| Edited by Sheldon Reback Aug 4, 2026, 10:51 a.m. 4 min read

  • Bitcoin climbed to just under $64,000 as the market calmed down after the weekend's Coldcard wallet hack and significant sales by Strategy, even as the Crypto Fear & Greed Index indicates extreme fear at 25.
  • Derivatives data reveals heavy positions in altcoins like ATOM and ADA, while futures for Bitcoin and Ether remain relatively quiet.
  • ADA has reached its highest value in a month, driven by robust buying from a diminishing holder base and ecosystem improvements, making it a notable exception in a largely stagnant altcoin market.

Bitcoin BTC$63,711.72 rose by 1.6% in the last 24 hours, peaking at $64,160, its highest point since July 31 before pulling back. This rebound followed a significant selloff triggered by a hack affecting a cold wallet and Bitcoin sales by the largest corporate holder.

According to researchers monitoring the cold wallet hack, approximately 1,816 BTC, valued around $114 million, has been withdrawn from over 5,200 addresses since July 30, exploiting a vulnerability in the Coldcard wallet’s firmware.

Additionally, Strategy (MSTR) sold 1,638 Bitcoin between July 27 and August 2 at an average price of $63,957, marking its third sale of the year and below its average cost of $75,419. The proceeds are used for dividends and buybacks on its preferred stock, STRC.

The Crypto Fear & Greed Index has fallen to 25, indicating "extreme fear." Spot Bitcoin ETFs experienced $61.5 million in outflows last week, but $170 million flowed in yesterday. Ether ETFs recorded $27.4 million in inflows last week, with an additional $11.4 million leaving on Monday.

The yen saw a nearly 4% drop after U.S. Treasury Secretary Scott Bessent confirmed a coordinated intervention with Japan, reminiscent of actions taken in August 2024. Bitcoin's 52-week correlation with the USD/JPY stands at -0.90, highlighting dollar strength as a significant risk factor.

Derivatives Positioning

  • High positioning in ATOM futures: ATOM, which is up nearly 9%, has been one of the top performers in the last 24 hours, with open interest (OI) near a record high of 80 million tokens.
  • Negative funding rates for ATOM: Both annualized perpetual funding rates and the 24-hour OI-adjusted cumulative volume delta (CVD) indicate a bearish bias, suggesting that the recent rally is being hedged.
  • Record OI for ADA: Cardano’s ADA has also performed well, reaching a record high in futures OI of 2.79 billion coins, with a positive CVD indicating aggressive buying behavior.
  • Stagnant BTC and ETH futures: The previously observed spike in Bitcoin OI was short-lived, dropping back to 740K BTC, a level it has maintained for weeks, with similar trends seen in ETH OI.
  • Mixed sentiment among altcoins: The sentiment among the top 20 altcoins is varied, with tokens like ADA, TRX, ZEC, AVAX, and ETH showing positive CVD, while others are negative.
  • BTC’s volatility index at critical levels: Bitcoin’s 30-day implied volatility index (BVIV) has decreased to nearly 36%, the lowest since May 31, suggesting market calm but caution is advised as it remains low compared to its historical averages.
  • Options market trends: Activity in Deribit-listed BTC options is focused around the $60,000 put and calls at the $70,000 and $72,000 strikes, indicating that volatility may increase if Bitcoin moves beyond these levels.

Token Talk

  • ADA surged to $0.195: This price point is the highest since July 4, with its market cap increasing by 24% over the week, making Cardano a standout in a mostly flat altcoin market.
  • Buyer increase despite declining holders: Cardano has seen 7,070 fewer non-empty wallets compared to two months ago, indicating that the recent price rally occurred without the return of sidelined holders.
  • Potential risks of fewer holders: The lack of holders absorbing price increases suggests a thin rally. A return of retail investors could confirm the upward movement, while continued price increases with falling wallet counts indicate a smaller group sustaining the price.
  • Underlying ecosystem developments: Cardano is advancing with significant projects such as the Leios testnet, Hydra scaling layer, Mithril upgrades, and Pyth price-feed integration, providing more substance to its recent price rebound.
Crypto Markets Today