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Bitcoin Slips Below $63K as Coldcard Wallet Exploit and Trump Media's Shrinking BTC Treasury Rattle US Crypto Markets

Bitcoin dropped below $63,000 on Monday even as favorable macro news emerged, with a widening Coldcard hardware wallet exploit and a $165 million bitcoin transfer from Trump Media adding fresh uncertainty to the US crypto market.

Mara Okonkwo
· Blockchain Infrastructure Editor

Published

4 min read

Bitcoin Slips Below $63K as Coldcard Wallet Exploit and Trump Media's Shrinking BTC Treasury Rattle US Crypto Markets
Bitcoin Slips Below $63K as Coldcard Wallet Exploit and Trump Media's Shrinking BTC Treasury Rattle US Crypto Markets

Bitcoin Slips Below $63K as Coldcard Wallet Exploit and Trump Media's Shrinking BTC Treasury Rattle US Crypto Markets

Bitcoin Falls Despite Positive Macro Signals

Bitcoin, ether and other major cryptocurrencies declined on Monday even though broader economic conditions improved on renewed talk of a US-Iran deal, as the market remained shaken by an ongoing Coldcard hardware wallet exploit that has shown no signs of slowing down. BTC fell from a Sunday high of $63,600 down to $62,800, a 1% daily decline and a 4% drop over the past week, while ether slid more than 1% to $1,858, extending its own seven-day loss to 5%. 

XRP, solana and dogecoin also posted modest losses, while BNB was the only major asset holding steady on the day. The weakness stood in sharp contrast to falling oil prices and Treasury yields alongside rising stock futures — conditions that would typically support crypto prices — suggesting the drag was coming from security concerns specific to the crypto market rather than broader macroeconomic forces. Brent crude futures dropped as much as 7.3% after President Trump indicated a planned strike on Iran had been called off in favor of renewed talks, while the 10-year Treasury yield eased and stock futures gained.

The Coldcard Exploit Keeps Expanding

A third wave of attacks against Coldcard-generated wallet addresses was identified over the weekend, pushing observed losses to roughly 1,367 bitcoin — nearly $89 million — drained from about 4,585 addresses. Notably, the average amount stolen per address has been shrinking with each new wave, indicating the attacker worked through larger balances first before moving on to wallets holding only a few thousand dollars. The first wave alone accounted for 1,083 bitcoin taken from 1,196 addresses on July 30, while the third wave pulled just 208 BTC from a much larger pool of 1,912 wallets.

The exploit has become one of the most closely watched security stories of the year for US-based crypto holders, with traders now weighing whether bitcoin can hold the $62,000 level as the situation develops.

Trump Media's Bitcoin Position Nearly Wiped Out

Adding to the day's US-centric crypto headlines, wallets tied to Trump Media, the parent company of Truth Social, moved 2,628 bitcoin worth about $165 million to Crypto.com in two transactions over the weekend, leaving roughly 4,261 bitcoin in the company's tagged wallets. That remaining balance, worth about $268 million at current prices, closely matches the 4,260.73 bitcoin the company had pledged as collateral for its convertible notes as of its first-quarter filing — funds restricted from withdrawal until the notes mature by May 2028.

The company originally purchased 11,542 bitcoin for about $1.37 billion at an average price near $118,522 per coin, close to the top of last year's market cycle, and has since moved out 7,281 of those coins. Onchain analytics firm Lookonchain estimated the outgoing transfers as sales averaging roughly $74,855 per coin, implying about $318 million in realized losses against the original cost basis, with another $237 million in losses still unrealized on the remaining holdings. The move comes as Trump Media posted a $405.9 million net loss in the first quarter on just $871,200 in revenue, with the bulk of that loss tied to markdowns on its digital asset holdings. The company has not clarified whether the recent transfers represent asset sales or custody repositioning, a distinction that will only become clear once its next quarterly filing is released.

What It Means for the Market

Together, the two stories underscore a common theme running through the US crypto market this week: security and treasury-management risk are proving more influential on price action than favorable macro tailwinds. Whether bitcoin can stabilize above $62,000 may depend as much on how quickly the Coldcard exploit is contained as on how the market interprets Trump Media's next disclosure.

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