A multimillion-dollar hack of the Coldcard hardware wallet, which began on July 30, has intensified scrutiny over the security of long-term cryptocurrency storage solutions. The breach has coincided with a surge in Bitcoin network activity, with metrics such as memory pool size and active addresses reaching multi-month highs, according to data from Blockchain.com and Santiment. Analysts suggest broader macroeconomic factors, including the Clarity Act and U.S. Treasury yield trends, are shaping Bitcoin’s price trajectory.
Bitcoin’s memory pool size reached 89,031 on Tuesday, the highest since February 2025, while Santiment recorded 712,000 active addresses—a three-month high. Whale transactions also hit a five-month peak of 61,800, reflecting heightened movement of large Bitcoin holdings. The price of Bitcoin has remained within a narrow range of $62,000–$65,000, with market participants closely monitoring policy developments and interest rate dynamics.
Marex analysts highlighted the Clarity Act as a critical policy binary, noting that proposed restrictions on prediction markets could introduce additional risks to the legislative process. Meanwhile, Bitfinex pointed to the U.S. 10-year Treasury real yield, currently at 2.41%, as a key factor influencing investor sentiment. The Clarity Act’s Senate vote, with a 23% implied probability of passage by year-end, remains a focal point for policymakers and market observers.
The incident has reignited debates over the vulnerabilities of hardware wallets and their role in safeguarding digital assets. As network activity and price volatility persist, the broader cryptocurrency ecosystem faces renewed pressure to address security gaps and regulatory uncertainties.
Written by Oliver Grant
Markets Desk
