Glassnode says the volume of dormant Bitcoin that moved on-chain reached roughly 200 times the amount linked to the Coldcard theft, yet little of that supply was sent to exchanges, a pattern that eases immediate sell-off concerns around the dormant BTC movement.
Glassnode says the volume of dormant Bitcoin that moved on-chain reached roughly 200 times the amount linked to the Coldcard theft, yet little of that supply was sent to exchanges, a pattern that eases immediate sell-off concerns around the dormant BTC movement.
What Glassnode Measured in Dormant Bitcoin Activity
The measurement comes from a Glassnode research report, which tracked older, long-held coins shifting on-chain. Dormant coin activity draws attention because it can signal repositioning by long-term holders. For related coverage, see XRP Exchange Outflows Surge 300%: What It Means for Holders.
Crucially, dormant BTC movement and exchange deposits are separate signals. Coins waking up and changing hands does not automatically mean those holders are preparing to sell, especially when the destinations are not trading venues. For related coverage, see Bitcoin stalls as derivatives turn defensive, ETF flows thin.
Why the 200x Coldcard Theft Comparison Stands Out
According to Glassnode, the dormant movement reached about 200 times the amount tied to the Coldcard theft, giving readers a concrete benchmark for its scale. The theft has been traced to a predictable random-number flaw in Coldcard firmware documented by Block’s engineering team.
That incident was previously reported when a Coldcard wallet bug was linked to a large Bitcoin theft, and follow-up reporting detailed how multiple attackers exploited the same flaw. The comparison is a scale reference only; the dormant coins are not described as stolen funds.
Low Exchange Inflows Suggest Limited Immediate Sell Pressure
Despite the size of the movement, Glassnode notes that little of the Bitcoin was sent to exchanges. Coins that stay off trading venues weaken the case for an immediate liquidation event.
The funds tied to the Coldcard incident can be followed through the attacker’s consolidation address on Mempool.space, where the balance and transaction history are publicly visible. Muted exchange inflows do not rule out later volatility or off-exchange transfers.
The dynamic echoes past periods when Bitcoin tested resistance as ETF flows cooled without a matching wave of exchange deposits. For now, the Glassnode data frames the dormant movement as repositioning rather than a rush to sell.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
