The Coldcard hardware wallet hack, which began on July 30th and is still ongoing, has caused significant activity on the Bitcoin network. This event has raised concerns about the security of hardware wallets and has also led to an increase in the number of transactions in the Bitcoin transaction pool (mempool).
Bitcoin Trading Volume is Increasing
According to Blockchain.com data, the number of transactions awaiting confirmation in Bitcoin’s transaction pool has reached 89,031, the highest level since February 2025. This increase has been particularly noticeable since the end of July. Other data provided by Santiment shows that the number of active addresses has reached 712,000, a three-month high, and transactions by “whales,” as they are known, have risen to 61,800, a five-month high.
Bitcoin Price and Macroeconomic Effects
While increased network activity is generally thought to support Bitcoin’s value, so far the Bitcoin price has been trading in a narrow range between $62,000 and $65,000. Analysts note that the fate of the Clarity Act could be a catalyst in the short term, but the long-term effects may depend more on government bond yields. Bitfinex states that if the US 10-year Treasury yield rises above 2.5%, the positive macroeconomic scenario for Bitcoin will collapse.
These developments enhance Bitcoin’s appeal as digital gold and a store of value, while also testing the network’s transaction capacity. With the introduction of spot ETFs in early 2024, Bitcoin’s positioning as a store of value, rather than a payment network, has been further solidified.
