According to market data, Bitcoin’s price increased by 1.6% in the last 24 hours, peaking at $64,160. This rise followed a reported exploit of a cold wallet’s firmware and concurrent sales activity by company Strategy (MSTR).
The cryptocurrency reached this high after approximately 1,816 Bitcoin were extracted from over 5,200 addresses since July 30th. The attack focused on vulnerabilities within the Coldcard wallet’s firmware. Data shows that Strategy (MSTR) had sold roughly 1,638 BTC between July 27 and August 2, with an average sale price of $63,957.
Strategy utilises these proceeds to fund dividends and buybacks on its preferred stock, STRC. The company’s average cost per Bitcoin purchased was approximately $75,419. This activity coincided with a decrease in the Crypto Fear & Greed Index, which fell to “extreme fear” at a level of 25.
Significant movement was observed within the broader cryptocurrency market last week. Approximately $61.5 million flowed out of spot Bitcoin ETFs, while $170 million poured into these same funds yesterday. Ether ETFs also saw inflows totaling $27.4 million over the past seven days, with a subsequent outflow of $11.4 million on Monday.
The combined impact of the wallet exploit and Strategy’s sales contributed to the overall upward pressure on Bitcoin’s price. The significant investment into spot Bitcoin ETFs further supported this trend, indicating sustained interest in the asset.
Ongoing market activity highlights the volatility inherent in cryptocurrency trading and the influence of both technological vulnerabilities and strategic decisions by major players within the industry.
Written by Oliver Grant
Markets Desk
