Bitcoin edged higher overnight as on-chain data suggests large holders have been steadily absorbing supply through the downturn, even as the options market fell to its quietest implied volatility reading on record. The Coldcard exploit fallout is still moving coins across the network at a 2026-record pace. Gold is outperforming everything. Visa just wired stablecoins into a network serving billions. The signals are stacking up in both directions. Let’s dive in.
The Coldcard Exploit Has Now Cost Holders Over $100M
Losses from the Coldcard firmware vulnerability have reached between $114 million and $130 million across more than 5,200 confirmed addresses, with at least 15 separate attackers exploiting the flaw. The incident drove Bitcoin on-chain activity to its highest weekly level of 2026. Cantor said the breach could redirect users toward managed custody platforms including Coinbase, BitGo, and Gemini. Which custody firms did Cantor name as potential beneficiaries of the exploit? Read more.
Bitcoin’s Options Market Just Hit Its Quietest Reading on Record
Implied upside volatility for Bitcoin fell to approximately 23%, the lowest reading Glassnode has ever recorded. BTC sat near $64,000 while US stocks hit fresh records and gold climbed to a six-week high. CryptoQuant said the Coinbase Premium has been negative for nearly 80 consecutive days, one of four conditions it says must improve before a lasting recovery can begin. What is the Coinbase Premium and why does CryptoQuant track it for BTC recovery signals? Read more.
Gold Just Hit Its Highest Price in Over a Month
Gold rose 2.8% to $4,213 per ounce on August 5, its strongest price since June 22, driven by 14 consecutive days of Chinese gold ETF inflows. The People’s Bank of China added 82 tonnes of gold over the prior 20 months. Bitcoin posted no comparable move despite equities and gold both gaining on the same session. What drove Chinese gold ETF inflows after their worst monthly outflow on record in June? Read more.
Visa Just Wired Stablecoins Into a Billion-Endpoint Network
Visa announced on August 5 that eligible clients on its Visa Direct platform can now prefund merchant accounts and send payouts using stablecoins, powered by crypto infrastructure firm Zerohash. Visa Direct connects to over 18 billion endpoints globally. The integration lets financial institutions move stablecoin payments without building their own regulatory and technical infrastructure from scratch. What role does Zerohash play in Visa’s stablecoin payment integration? Read more.
Bitcoin Whales Have Been Quietly Accumulating Since December
Bitcoin whale wallets added approximately 190,000 BTC between December 2025 and early August 2026, with buying accelerating after BTC dropped below $60,000 in June. CryptoQuant said the pattern resembles accumulation phases that preceded past market recoveries, while noting further downside remains possible. Ethereum whale wallets reached a record 19.6 million ETH over the same period. What four conditions does CryptoQuant say must align before a lasting BTC recovery? Read more.
Is whale accumulation during a bear market a reliable signal that a bottom is near?
TLDR: Whale accumulation in a bear market is a useful signal that smart money may be positioning, but on its own it is not a reliably timed bottom indicator.
- Whale buying often starts well before the final bottom and can continue through new lows, so timing entries off it alone is risky.
- “Whales” are mixed (funds, exchanges, OTC desks, team wallets), and not all accumulation reflects directional conviction or future spot selling.
- Bottoms are more reliable when whale accumulation lines up with other signs like slowing downside momentum, rising spot volume vs derivatives, and improving macro or regulatory news.
Disclaimer: This alpha is provided by CryptoMx. CryptoMx can make mistakes—please DYOR. Not financial advice.
