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Bitcoin small transfers reach peak levels during FTX collapse amid Coldcard security incident

Kucoin • August 2, 2026

Amid growing concerns over a suspected hack of the Coldcard wallet, there has been a significant surge in small-value Bitcoin transfers, reaching the highest level since the FTX collapse. The market is once again debating the security of Bitcoin self-custody. Julio Moreno, Research Director at CryptoQuant, revealed that the number of Bitcoin transactions under 1 BTC has risen to its highest level since November 2022, with approximately 39,600 BTC transferred in a single day—just 300 BTC below the record of 39,900 BTC set on November 16, 2022, days after FTX filed for bankruptcy. He views users proactively taking measures to mitigate risk as a positive sign. Additionally, Eric Balchunas, Senior ETF Analyst at Bloomberg, believes that Bitcoin ETFs, with their mature regulatory framework and convenience, may offer a safer investment option for some users.

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Surge in Bitcoin Transfers Amid Coldcard Wallet Hacking Incident The suspected hacking incident involving Coldcard wallets has led to a significant increase in small-value Bitcoin transfers, reaching levels not seen since the FTX collapse. On August 2, 2026, data from CryptoQuant revealed that approximately 39,600 BTC were transferred in a single day, just shy of the record set in November 2022. This surge has prompted discussions regarding the security of self-custodied Bitcoin. Julio Moreno, CryptoQuant's Head of Research, views the proactive measures taken by users as a positive development. Industry experts, including Eric Balchunas from Bloomberg, suggest that Bitcoin ETFs may offer a safer investment alternative due to their regulatory framework. However, the Coldcard incident appears to be more related to specific wallet security issues rather than a systemic failure of self-custody practices. The situation emphasizes the need for security awareness and risk management among Bitcoin users. 5 sources 49

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