Bitcoin transfer activity involving amounts below 1 BTC has surged to its highest level since November 2022 as concerns around the suspected Coldcard wallet hack continue to spread, according to data cited by CryptoQuant head of research Julio Moreno. He said roughly 39,600 BTC in sub-1 BTC transfers moved on-chain in a single day, just about 300 BTC below the 39,900 BTC record set on Nov. 16, 2022, a few days after FTX filed for bankruptcy. The rise has renewed discussion in the market over the safety of Bitcoin self-custody. Moreno described users taking proactive steps to respond to risk as a positive sign. Separately, Bloomberg ETF senior analyst Eric Balchunas said Bitcoin ETFs, backed by a more established regulatory framework and ease of access, could offer a safer investment route for some users.
Bitcoin transfer activity in amounts below 1 BTC has jumped to its highest level since the FTX collapse as fallout from the suspected Coldcard wallet hack continues to unfold, renewing debate over the safety of Bitcoin self-custody.
CryptoQuant head of research Julio Moreno shared data showing that the number of circulating Bitcoin transfers below 1 BTC has reached its highest level since November 2022. About 39,600 BTC moved in such transfers in a single day, only around 300 BTC below the record of 39,900 BTC set on Nov. 16, 2022, a few days after FTX filed for bankruptcy.
Moreno said users taking action on their own to manage risk should be seen as a positive signal.
Separately, Bloomberg ETF senior analyst Eric Balchunas said Bitcoin ETFs may offer a safer option for some users because of their established regulatory framework and convenience.
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