On-chain analytics firm Santiment recorded 2.27 million new Bitcoin wallets created during the week ending August 8, the highest weekly figure in 12 months. This surge in new addresses was linked to a security vulnerability affecting Coldcard hardware wallets, prompting a massive rotation of holdings by self-custody users. Network activity hit a 10-month high with 751,000 active wallets during the same period. Bitcoin was trading around $65,000 with an approximate market cap of $1.3 trillion. Santiment noted that spikes in wallet creation driven by security concerns, rather than new adoption, do not indicate weakness in the Bitcoin network and have historically often preceded upward price movements.
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