Coldcard Drains $89M While Oil Tanks and Bitcoin Can't Catch a Bid 🧊

Bitcoin slipped about 1% to $62,800 on Monday, decoupling from a macro backdrop that would normally lift risk assets, as a widening exploit tied to Coldcard hardware wallets pushed observed losses to roughly 1,367 BTC, or nearly $89 million, across about 4,585 addresses. The cryptocurrency's weakness stood in contrast to falling oil prices, lower Treasury yields and rising stock futures, indicating the pressure was coming from market-specific security fears rather than broader economic forces.

Ether fell over 1% to $1,858 and has not traded above $1,900 since last week, according to CoinDesk Data. XRP slipped almost 1% to $1.07, solana dropped half a percent to nearly $73, and dogecoin declined the same amount to just under 7 cents. BNB was the only major in positive territory, flat on the day and up 1.6% on the week. Hyperliquid's HYPE token fell 1% to $52.52, making it the worst performer among the top ten with a 12.8% decline over seven days.

The macroeconomic backdrop moved in directions typically favorable for crypto. Brent crude futures for October dropped as much as 7.3% to $81.55 a barrel after President Donald Trump said he had called off a strike on Iran and would open fresh talks Monday, with Saudi Arabia among the allies pushing for a deal to reopen the Strait of Hormuz. Treasuries rallied across the curve as the oil move eased inflation concerns, taking the 10-year yield down four basis points to 4.69% after it touched its highest level since January 2025 last week. Nasdaq 100 futures and European share futures both gained 0.8%, while gold added 0.3% to about $4,060 an ounce.

Bitcoin, which had reached a Sunday high of $63,600, failed to respond to those tailwinds. CoinDesk reported Sunday that a third wave of sweeps against Coldcard-generated addresses was identified over the weekend, bringing cumulative observed losses to 1,367 BTC, valued at nearly $89 million. The pattern of address-targeted sweeps, combined with falling oil, falling yields and rising equity futures, left market participants parsing security-driven selling pressure against an otherwise supportive macro tape as crypto majors ended the session lower.