As of August 4th, Bitcoin maintained a price near $64,000 following substantial investment into spot bitcoin ETFs and coinciding with an incident involving Coldcard hardware wallets. Market observers noted a period of relative stability amid several developments including the recovery of funds and shifts in supply dynamics.
The day saw net inflows totalling $211.5 million injected into Bitcoin exchange-traded funds. Simultaneously, Spot ether ETFs recorded $53.8 million in inflows. On the broader market, the S&P 500 reached a record high of 7,737, while the Nasdaq gained 2.6% driven by earnings from artificial intelligence firms.
Brent crude prices retreated below $80 amid reported easing tensions within the Strait of Hormuz. The recovery process saw approximately 119,000 BTC reclaimed from inactivity over a three-day period, yielding roughly 200 times the initial stolen amount. The funds were subsequently transferred into fresh cold storage.
Analysis by K33, utilising Glassnode’s on-chain data, indicated Bitcoin’s seven-day active supply hit a high of approximately 890,000 BTC. Furthermore, coins held in wallets less than a month old had increased by 40% since the incident. Only about one tenth of the revitalised supply has currently settled onto exchanges.
Capital.com analyst Kyle Rodda reportedly noted that marginal buyers within the spot Bitcoin market were not appearing to be outright long positions. Vetle Lunde, Head of Research at K33, tracked this active supply movement using spikes near local peaks and troughs.
The incident involving Coldcard hardware wallets saw 594 BTC stolen on July 31st. The recovery process was completed within three days and impacted the one-week skew of Glassnode’s data by eight points. Implied volatility for bitcoin options registered a historic low of 23%.
Written by Daniel Brooks
Security Desk
