Coldcard Hack Pushes Bitcoin Mempool to 89,031 Transactions

Key Point

A $120 million hack of hardware wallet Coldcard began on July 30 and is still in progress. The hack raised questions about direct custody in hardware wallets as a long-term holding strategy. Blockchain.com data shows Bitcoin memory pool transactions reached 89,031 on Tuesday, the highest level since February 2025. Santiment data shows active addresses reached a three-month high of 712,000 and whale transactions reached a five-month high of 61,800.

Why it matters: A large custody-related hack may push holders to move coins, which could increase on-chain congestion and security caution.

Market Sentiment

Cautiously Bearish, Stress-on, Event-driven, Volatile.

Reason: The $120 million Coldcard hack is still in progress, which supports a cautious security-driven market read.

Similar Past Cases

In February 2025, Bybit suffered a major security incident, and Bybit Learn said Bitcoin fell over 20% while Bybit market share dropped from 11% to 4% after the hack. (Bybit Learn) The difference is that the Coldcard event centers on hardware wallet custody and Bitcoin on-chain activity rather than exchange solvency.

Ripple Effect

Custody fear could move coins from long-term storage into exchanges and new wallets. If memory pool pressure keeps rising, then on-chain settlement may become a visible stress signal for Bitcoin users.

Opportunities & Risks

Opportunities: If memory pool activity stabilizes while the hack remains contained, then waiting for cleaner settlement conditions can reduce execution friction.

Risks: If whale transactions keep rising while custody concerns persist, then reducing leverage or delaying discretionary transfers limits exposure to disorderly on-chain movement.