Smaller Bitcoin transfers have reached levels not seen since the collapse of cryptocurrency exchange FTX amid an ongoing suspected Coldcard hack.
Bitcoin transfers below 1 BTC climbed to their highest daily level since November 2022 on Friday, with 39,600 BTC moved, according to data shared by CryptoQuant head of research Julio Moreno on Saturday.
The figure was just 300 BTC below the 39,900 BTC transferred on Nov. 16, 2022, days after FTX filed for bankruptcy. “The Bitcoin plebs had not moved this amount of BTC in a day since the FTX collapse,” Moreno said, adding that he was encouraged to see users “taking action.”
As the suspected Coldcard hack continues to unfold, the incident has become a broader test for Bitcoin self-custody, reigniting debate over whether users are better protected by controlling their own funds or relying on third-party platforms.
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The surge in small…
