The Onchain Migration
In the wake of the Coldcard vulnerability, we have seen over 233k BTC in Long-Term Holder supply spent onchain. Today, I assess the impact this event has on our interpretation of onchain tools.
G’day Folks,
As the dust settles after the terrible Coldcard incident this week, we can start to assess the impact this emergency coin migration has had on onchain datasets.
Aside from questions related to self-custody setups, by far the most common question I have received lately asks how onchain metrics have responded to this event, and whether interpretation will be skewed as a result.
This is a topic that often comes up, although it is usually centred on the impact that large custodians such as Exchanges and ETFs have on onchain data. For folks interested in that specific topic, I’d encourage a read of The Exchanges Are Running Out of Coins, which explores this in great detail.
Today’s post will document the size and scale of the change the Coldcard incident has had across network activity and onchain supply structure. By the end of this piece, I believe readers will have a renewed appreciation for how robust and resilient these tools can be, even during large-scale spending events like this one.
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