Bitcoin and ether prices dipped as the Coldcard hardware wallet hack stretched into its fifth day, shaking confidence in self-custody solutions. The breach resulted in $114 million worth of bitcoin stolen, pushing some holders to move assets back to exchanges, reversing a key crypto trend.
Despite the severity of the exploit, bitcoin’s drop has been moderate, falling about 1.5% to near $62,600, a level it has hovered around in recent weeks. Ether fell nearly 2% to $1,842. The CoinDesk DeFi Select Index also slipped 2.5%. Market analysts note that the hack rattled smaller holders who lost long-term holdings and prompted a reevaluation of cold storage security.
Mixed Signals in Derivatives Markets
Derivatives markets tell a nuanced story with bitcoin futures open interest hitting a one-month high and a slightly bearish long-short skew. Options volatility remained steady as call options clustered around $68,000 and $70,000 strike prices, signaling cautious optimism despite the hack. Meanwhile, the Michael Saylor-led Strategy (MSTR) is hinting at resuming bitcoin purchases after a five-week pause, aligning with bitcoin’s 200-week moving average near $63,000.
In other crypto news, NEAR Protocol announced surpassing $24 billion in lifetime volume for its Intents system and rolled out advanced features like quantum-safe cryptography, dynamic resharding, and AI compute staking, highlighting ongoing innovation amid market uncertainty.
This material is for informational purposes and does not constitute financial advice.
