Coldcard Hack: $120 Million Incident Boosts Bitcoin's Mempool Activity

The recent breach of the Coldcard hardware wallet, resulting in a staggering $120 million theft, has led to a notable increase in Bitcoin's mempool activity. The hack, which began on July 30, has raised alarms about the security of cryptocurrency storage options, especially hardware wallets, which have gained popularity since the collapse of FTX in 2022.

In response to the hack, many users are opting to transfer their assets to exchanges and other wallets, reflecting a proactive strategy in asset management. This shift has contributed to a significant rise in Bitcoin transactions waiting for miner confirmation, with the mempool count reaching 89,031 as of Tuesday, marking the highest level since February 2025, according to Blockchain.com.

Supporting this trend, data from Santiment shows that active addresses have peaked at 712,000 over the last three months, while transactions involving large holders, or whales, have surged to a five-month high of 61,800. Increased network activity is generally viewed as a positive signal for Bitcoin's valuation, which is currently stable at around BTC$64,027.09, maintaining a range between $62,000 and $65,000.

Market analysts suggest that the upcoming Clarity Act could act as a short-term catalyst for the market, although its chances of passage have dropped significantly. They note that the likelihood of its approval has diminished from 75% in mid-May to just 23% now, compounded by new restrictions on prediction markets.

Additionally, Bitfinex has warned that Bitcoin's bullish outlook may be jeopardized if inflation-adjusted yields on the U.S. 10-year Treasury exceed 2.5%. The current yield sits at 2.41%, just below this critical threshold, which has not been surpassed since Bitcoin's inception.