Bitcoin traded near $63,057, down 0.44% over the past 24 hours and 3.23% for the week, while Ethereum held around $1,862, down 4.12% weekly. XRP traded near $1.07, down 2.92% for the week, and Solana climbed to $72.98, down 4.37% weekly. BNB traded above $584.
Total crypto market capitalization stood at $2.17 trillion, down 0.32% over the past day, while 24-hour liquidations fell sharply to $95.89 million, down nearly 60%. The Fear & Greed Index read 34, still in “fear” territory.
Bless led trending searches with a 49.6% surge over 24 hours, while Hyperliquid’s HYPE token slipped 1.1% and Pudgy Penguins eased 0.5%. The gap between Bless’s rally and weakness in more established names points to continued speculative rotation into smaller tokens.
All affected accounts showed no prior transaction history before the Coldcard firmware boundary, with transaction frequency spiking to roughly 45 times the pre-event rate. Thorn said some funds have already moved to second-hop addresses, with additional transactions still pending in the mempool, and urged remaining Coldcard users to move funds immediately using higher-fee methods.
CryptoQuant’s Julio Moreno reported small Bitcoin transfers under 1 BTC surged to their highest level since November 2022, just below the record set days after FTX’s collapse, as retail holders rushed to reposition their coins.
Bloomberg’s Eric Balchunas questioned whether a five-person team behind Coldcard could reasonably bear security responsibility for millions of users, contrasting it with larger custodians like Coinbase and regulated Bitcoin ETFs. Stacks co-founder Muneeb Ali urged diversified custody strategies, recommending a mix of ETFs, multi-sig setups, and advanced self-custody rather than concentrating funds in a single solution.
Iran’s Fars News Agency dismissed reports that Tehran had agreed to reopen the Strait of Hormuz as “pure rumor,” with a military source stating the strait will remain closed as long as US hostile actions continue. Separately, Iran’s Revolutionary Guard claimed responsibility for striking an AWS data center in Bahrain, describing it as retaliation for its role supporting US military intelligence and cloud computing operations.
CryptoQuant analyst Darkfost revealed Bitcoin short-term holders sent more than 32,000 BTC to exchanges at a loss on August 1, one of the largest capitulation events in nearly 30 days. Separately, Glassnode flagged that Bitcoin’s three-month futures basis yield has remained below the US two-year Treasury yield for months, a pattern last seen for a comparable stretch between August 2022 and January 2023, which coincided with the prior cycle’s low.
