Bitcoin on-chain trading surges as new wallets hit 10-month peak, Coldcard incident seen boosting price outlook

Published: 2026-08-09 05:55:51 |

Santiment Intelligence says Bitcoin has just seen a one-week spike in on-chain activity. Network “new wallets” reached about 2.27 million, the highest level in roughly a year, while active wallets rose to around 751k, the top reading in 10 months. The article links the shift to a Coldcard wallet-related incident. The security scare pushed users to move funds, create new wallets, rotate custody settings, and reassess risk exposure—actions that naturally increase both wallet creation and activity. Santiment adds that highly polarized events can produce stronger on-chain reactions across Bitcoin and altcoins. Fear typically spreads first, then “greed” follows, which can drive more trading and position adjustments after market lulls. It also notes that when retail users get disrupted and trading volume jumps, large holders often take advantage to buy more aggressively. Net effect: the combination of higher Bitcoin on-chain trading volume and potential large-holder accumulation could be supportive for prices over the coming weeks to months. This is not an investment call; it is a market-read signal based on on-chain data.

Bullish

This report is bullish because it points to rising Bitcoin on-chain trading volume and wallet activity—signals that often coincide with renewed demand and increased positioning. The key catalyst is the Coldcard-related security incident, which forced users to move funds and rebuild wallet/custody configurations. In past market cycles, such fear-driven “forced churn” can temporarily inflate volume but also creates opportunities for larger holders to accumulate, especially when retail is shaken out. Short-term, the surge in active/new wallets can keep attention and liquidity elevated, supporting volatility and upside attempts if follow-through buying appears. On-chain volume growth can also make price action more “sticky” by reflecting real behavior rather than passive sentiment. Longer-term, if the pattern holds—higher Bitcoin on-chain transaction intensity plus continued large-holder buying—historically it has tended to improve the odds of sustained moves over subsequent weeks to months. The main risk is that incident-driven activity could also fade quickly, causing the market to revert if accumulation does not materialize. Overall, the direction implied by the on-chain metrics and the typical aftermath of similar event-driven squeezes leans toward bullish.