Bitcoin Price: Coldcard Wallet Exploit Drives BTC Below $63,000 as Losses Near $89 Million

Bitcoin fell back under $63,000 on Monday as traders digested ongoing fallout from an exploit linked to Coldcard wallets, with on-chain data suggesting nearly $89 million has already been drained from affected addresses.

The flagship cryptocurrency slipped from a Sunday peak of $63,600 to around $62,800 by late morning trading, even as broader macro conditions appeared to turn more favourable on renewed hopes of a US–Iran deal.

The latest slide comes after a bruising week in which Bitcoin has dropped about 4%, underperforming traditional assets despite what would typically be a supportive backdrop.

Ether is down roughly 5% over the same period, struggling to reclaim the $1,900 mark and trading near $1,858 on Monday. Other large-cap tokens have also softened, with XRP easing to about $1.07, solana hovering just under $73, and dogecoin slipping to below $0.07.

Only BNB managed to buck the trend among the majors, broadly flat on the day and up about 1.6% over the week. Hyperliquid's HYPE token, meanwhile, has been hit especially hard, falling around 1% on Monday to $52.52 and down nearly 12.8% across seven days, making it the weakest of the top ten by that measure.

Bitcoin Shrugs off Supportive Macro Moves

In more normal times, the macro backdrop on Monday would have looked almost textbook bullish for Bitcoin and other risk assets.

Brent crude futures for October delivery dropped as much as 7.3% to $81.55 a barrel after President Donald Trump said he had called off a planned strike on Iran and would instead open fresh talks, with Saudi Arabia among the allies reportedly urging a diplomatic route to reopen the Strait of Hormuz. Lower oil prices ease inflation concerns, and the bond market moved accordingly, with US Treasuries rallying across the curve.

The benchmark 10-year US Treasury yield slipped four basis points to around 4.69%, retreating from its highest levels since January 2025 reached last week. Equity markets responded in kind, with Nasdaq 100 futures and major European stock futures both advancing around 0.8%. Even gold, often seen as a haven rather than a risk play, edged 0.3% higher to trade near $4,060 an ounce.

Under those conditions, Bitcoin would usually be expected to catch a bid from investors rotating into higher-risk assets. Instead, it largely ignored falling oil, easing yields and stronger equity futures.

Market participants say the reason is blunt enough: the pressure on Bitcoin right now is coming from a security scare inside the crypto ecosystem itself.

Coldcard Exploit Weighs Heavily on Bitcoin

As reported by CoinDesk, a series of sweeping drains against addresses generated by Coldcard wallets has continued into a third wave, with no clear sign yet that the exploit has been contained. On-chain analysts have now tallied 1,367 bitcoin siphoned from 4,585 addresses, a haul worth almost $89 million at current prices.

The pattern of the thefts offers some clues about the attacker's strategy. The first wave, on 30 July, was by far the richest, seeing 1,083 bitcoin taken from 1,196 addresses.

By the time the third wave rolled through over the weekend, the attacker was hitting more wallets for less money, lifting about 208 BTC from 1,912 addresses.

That sharp drop in average value per wallet has been read by some analysts as evidence that the attacker moved first against large balances before later sweeping smaller accounts worth only a few thousand dollars each. No formal attribution has been made public and, crucially, nothing is confirmed yet about the exact vector of the exploit, so all theories about how the Coldcard-generated addresses were compromised should be treated with considerable caution.

Coldcard has not issued a detailed technical breakdown that would settle the matter, and there is as yet no official, independently verified explanation that would fully reassure users.

In the absence of that, the sight of funds still being drained in fresh waves is fuelling understandable anxiety across parts of the Bitcoin community, especially among holders who favour hardware devices as a supposedly safer alternative to exchanges.

The incident has also filtered into institutional flows. While data cited by CoinDesk showed ether-based investment funds attracting modest inflows on Friday, bitcoin funds saw net outflows, an unusual divergence in a market where Bitcoin typically sets the tone and ether follows. That split suggests some professional money is either rotating away from direct Bitcoin exposure or simply stepping to the sidelines until the dust settles.

Traders are now watching the $62,000 level as a near-term line in the sand for Bitcoin as negotiations around a possible US–Iran agreement develop. Many in the market believe that any concrete deal that leads to a reopening of the Strait of Hormuz could drive oil lower again, offering what would effectively be a second chance at the supportive macro environment that Bitcoin has just failed to exploit.

If Bitcoin cannot rally even on that kind of backdrop, it would strengthen the argument that the current drag is overwhelmingly internal, rooted in shaken confidence over wallet security and the perception that one of the ecosystem's core promises self-custody as a safe harbour has been dented, at least for now.