Your day-ahead look for Aug. 5, 2026
By Omkar Godbole|Edited by Sheldon Reback Aug 5, 2026, 11:20 a.m. 3 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Bitcoin's mempool transaction count surged following the Coldcard hack. (Blockchain.com)SummaryShowThis is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here, if you haven't already.
The recent $120 million hack of the Coldcard hardware wallet, which started on July 30 and continues to unfold, illustrates a dual narrative in the crypto world.
On one side, the security breach raises significant concerns regarding the safety of holding cryptocurrencies in hardware wallets, a method that gained traction after the FTX collapse in 2022.
Conversely, this incident has prompted users to transfer their assets to exchanges and various wallets, showcasing a proactive approach to asset management.
This positive shift is reflected in Bitcoin’s mempool, where the number of transactions waiting for miner confirmation has surged to 89,031 as of Tuesday, marking the highest level since February 2025, according to Blockchain.com data.
Additional metrics support this trend. Data from Santiment indicates that active addresses reached a three-month peak of 712,000, while transactions involving large holders, or whales, rose to a five-month high of 61,800.
Heightened activity on the network is typically seen as a positive indicator for Bitcoin’s value, which currently hovers around BTC$64,027.09. The cryptocurrency has remained stable within a range of $62,000 to $65,000 without significant fluctuations.
Market analysts note that the fate of the Clarity Act may serve as a short-term catalyst, while longer-term trends are influenced by the yields on government bonds.
“CLARITY remains the immediate policy binary. The Senate has a three-day window before its August 10 recess, and the likelihood of passage by the end of the year has decreased from 75% in mid-May to 23% currently. The inclusion of restrictions on prediction markets adds further complexity,” analysts at Marex stated.
Moreover, Bitfinex cautioned that Bitcoin's bullish outlook could falter if inflation-adjusted yields on the U.S. 10-year Treasury surpass 2.5%. "The 10-year real yield has not exceeded 2.5% since Bitcoin’s inception, currently sitting at 2.41%, just nine basis points below this threshold," the exchange noted.
Stay alert!
For more insights into today's altcoin and derivatives market activity, check out Crypto Markets Today. For a full schedule of events this week, refer to CoinDesk's "Crypto Week Ahead."
What’s trending
- New Ethereum proposal would cut issuance to zero if staked ETH reaches $112 billion (CoinDesk): Ethereum has proposed gradually reducing validator rewards as staking increases, potentially driving net issuance to zero and enhancing ETH's long-term scarcity.
- The worst chart for bitcoin bulls right now (CoinDesk): Historically, Bitcoin outperformed stocks, but the S&P 500-to-Bitcoin ratio chart suggests this advantage is diminishing.
- SpaceX dives 10% after AI spending surge rattles investors (CNBC): SpaceX shares fell by 10% on Wednesday following a spike in AI-related expenditures that unsettled investors despite a strong earnings report.
- Oil prices settle 5% lower after claims of progress in US-Iran talks (Reuters): Oil prices dropped over 5%, reaching a three-week low, after U.S. statements raised hopes for a resolution to the Iran conflict, which could improve oil flow through the Strait of Hormuz.
Today’s signal
Bitcoin's mempool transaction count has reached its highest since February 2025. (Blockchain.com)The chart illustrates the daily count of transactions pending miner approval in Bitcoin's mempool, which exceeded 89,000 on Tuesday, the highest level since February 2025, reflecting increased activity since late July.
The duration of this activity spike remains uncertain.
Generally, network activity has significantly decreased since the introduction of spot ETFs in early 2024, likely reinforcing Bitcoin's role as a digital gold and a store of value rather than a payment mechanism.
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