Approximately 210,000 bitcoin left long‑term holder wallets over the past seven days, marking the biggest weekly drop in that cohort since December 2024.

Glassnode classifies long‑term holders as entities whose coins have remained dormant for at least 155 days, a cohort that typically holds through short‑term volatility.

The decline follows a security breach at Coldcard, a hardware wallet manufacturer, in which weak randomness in firmware allowed attackers to reconstruct certain wallet recovery phrases and drain funds.

The breach impacted thousands of addresses and resulted in estimated losses of up to $114 million, according to reports. Coldcard advised affected users to generate new wallets, noting that firmware updates alone cannot secure keys that may already be compromised.

On‑chain data show the 210,000 bitcoin move coincides with a period when bitcoin trades around $64,000, roughly half of its October all‑time high. The shift does not appear to reflect profit‑taking; rather, it may represent a broader migration toward new self‑custody wallets or regulated custody services.

U.S. spot bitcoin exchange‑traded funds attracted about $754 million in inflows over the same week, with BlackRock’s iShares Bitcoin Trust accounting for the majority, suggesting that some holders are moving assets into ETFs.

Whether the on‑chain movement will influence market sentiment or price remains uncertain, as the migration reflects changing custody preferences rather than a clear sell‑off signal.