PANews, Aug. 9 — Santiment Intelligence said bitcoin just saw a week of sharply higher on-chain transaction volume. The network added 2.27 million new wallets, the highest weekly total in the past year, while active wallets reached 751,000, the strongest reading in 10 months. Santiment attributed the surge to the fallout from the Coldcard wallet incident. The security scare forced users to move funds, create new wallets, rotate custody arrangements and review their exposure, which naturally pushed wallet creation and activity higher. The firm said polarizing events tend to produce the most intense on-chain reactions across bitcoin and altcoins. Fear spread quickly, then greed followed, and both emotions push more people to trade, adjust positions and watch the market closely, helping reignite demand after a downturn. When retail users get shaken out and transaction volume jumps, large bitcoin holders often take advantage of the chaos to accumulate more aggressively. Santiment noted that this combination of rising usage and whale accumulation has historically been constructive for prices over the following weeks and even months.
PANews, Aug. 9 — Santiment Intelligence said bitcoin just logged a week of surging on-chain volume. The network added 2.27 million new wallets, the highest level in the past year. Active wallets hit 751,000, the strongest reading in 10 months.
Coldcard incident is the catalyst
Santiment attributed the activity jump largely to chaos tied to the Coldcard wallet incident. The security scare forced users to move funds, create fresh wallets, rotate custody setups and re-check exposure, naturally inflating wallet creation and activity. Polarizing events tend to trigger the strongest on-chain responses in both bitcoin and altcoins, the firm argued. Fear spread quickly and greed followed, and both emotions drive more people to trade, adjust positions and watch the market closely, reigniting demand after a slump.
Whale accumulation as a constructive signal
When retail holders take a hit and transaction volume spikes, large bitcoin holders often use the chaos to accumulate more aggressively, Santiment said. Combined with rising usage, that accumulation pattern has historically been positive for prices over the following weeks and months.
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