CryptoQuant said Bitcoin on-chain activity jumped sharply on July 31 as Coldcard users rushed to move funds. The report said daily active Bitcoin addresses climbed from 645,000 on July 30 to nearly 1 million, the highest level since Dec. 10, 2024, with the increase driven almost entirely by sending addresses. Transfer volume in transactions below 1 BTC reached 39,600 BTC, just under the 39,900 BTC recorded after the FTX collapse, while transfers worth less than $100,000 totaled $3.2 billion, the highest since Nov. 21, 2024. Long-term holder spending rose from 269,000 BTC to 406,000 BTC, the highest since Jan. 14. Exchange inflows from smaller holders also rose to their highest level since Feb. 6, and mempool transactions climbed from 33,000 to about 96,000, the highest since June 20. CryptoQuant said many users have already moved funds, though an unknown number of holders may still be exposed to risk.
CryptoQuant said in a report that Bitcoin on-chain activity surged on July 31 as Coldcard users rushed to move funds.
Daily active Bitcoin addresses rose from 645,000 on July 30 to nearly 1 million, the highest level since Dec. 10, 2024. The increase was driven almost entirely by sending addresses, according to the report.
Small transfers and spending activity jumped
Transfer volume in transactions below 1 BTC reached 39,600 BTC on the day, slightly below the 39,900 BTC seen after the FTX collapse. In dollar terms, transfers worth less than $100,000 totaled $3.2 billion, the highest level since Nov. 21, 2024.
Spending by long-term holders also increased sharply, rising from 269,000 BTC on July 30 to 406,000 BTC, the highest reading since Jan. 14.
Exchange deposits and mempool activity climbed
CryptoQuant said exchange deposits from smaller holders rose to their highest level since Feb. 6. At the same time, mempool transactions increased from 33,000 to about 96,000, the highest level since June 20.
The analysis said a large number of users have already taken action to move funds, but an unknown number of holders may still be at risk.
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