A flaw in Coldcard’s 2021 firmware enabled the theft of approximately 1,816 BTC across 5,294 addresses. In response, users moved 119,000 dormant BTC held for over a year within three days, representing two hundred times the amount stolen. Only 11,900 BTC, or 10% of this volume, reached exchanges, with the remainder corresponding to preventive migrations to new wallets. The spot market remained indifferent: Bitcoin stays confined to a tight range while implied volatility on bullish options hit a record low of 23%. US spot Bitcoin ETFs simultaneously experienced their worst month since launch, with outflows of 65,800 BTC in June.
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