Bitcoin onchain activity has reached its highest level in 2026, with nearly 890,000 BTC moved over the past seven days, amid the ongoing Coldcard wallet exploit. According to K33 Research, this surge is likely driven by the Coldcard attacks, which have prompted users to move their coins to centralized exchanges or consider alternative custody solutions.
Onchain Activity Spikes
The research note found that periods of high onchain activity have historically coincided with local market turning points, with similar bursts appearing around major market reversals in 2022, 2024, and 2025.
Coldcard Exploit
The Coldcard exploit has resulted in the theft of at least 1,596 BTC from approximately 7,300 addresses, with estimated losses potentially reaching $130 million. Galaxy Research has confirmed three attack waves, with a suspected fourth wave still under investigation.
Market Implications
While the price of Bitcoin has remained relatively calm, the surge in onchain activity has raised concerns about market volatility. K33 Head of Research Vetle Lunde noted that similar spikes in onchain activity have repeatedly appeared around major market reversals, making current onchain behavior worth monitoring.
