Bitcoin is once again telling two completely different stories. While retail holders appear to be backing away following the recent Coldcard security incident, larger investors are quietly doing the opposite. Fresh on-chain data from Santiment shows whale wallets accumulated thousands of BTC in just a few days, even as smaller wallets reduced their holdings amid growing concerns over hardware wallet security.
According to Santiment, wallets holding 10 to 10,000 BTC added 19,610 Bitcoin, representing a 0.14% increase in holdings since July 29. Meanwhile, wallets holding less than 0.01 BTC reduced their balances by 0.55% over the same period.
The timing coincides with the fallout surrounding a Coldcard firmware entropy flaw, which reportedly exposed affected wallets to potential theft. Estimated losses have now exceeded 1,360 BTC, worth approximately $87 million at current prices.
Rather than reflecting activity from a single compromised address, Santiment noted the accumulation spans the broader 10–10K BTC wallet cohort, suggesting larger market participants have been absorbing coins as retail confidence weakened.
The security incident appears to have triggered more than direct financial losses. Fear spread quickly across the market, raising concerns about self-custody even among users who weren’t directly affected.
According to Santiment, that decline in confidence has created a broader wave of retail selling, while larger wallets continued accumulating during the market shakeout.
From a technical perspective, Bitcoin continues trading above the important $60,730 support level but remains below the 50-day EMA, which sits near $64,636. The current price is around $63,636, leaving bulls with a clear hurdle.
A decisive move in BTC price above the 50-day EMA could shift short-term momentum toward the 200-day EMA near $72,740. However, another rejection at resistance may send Bitcoin back to retest the $60,730 support, with a breakdown potentially opening the door to a deeper decline.
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