Glassnode
BTC's daily active addresses hit roughly 0.98M, the highest reading since December 2024 according to Glassnode's Active Addresses chart. The metric counts unique addresses that sent or received a successful on-chain transaction over the prior 24 hours, a proxy for raw network usage rather than capital flow.
Why it matters
The spike traces to the Coldcard firmware exploit, a hardware-wallet vulnerability that pushed security-conscious holders into migrating wallets and seeds into alternative custody. Each migration registers as a fresh send and a fresh receive, and both count toward the daily active-addresses tally.
The channel framing is that this is an operational-security response, not a conviction move. Holders rotating out of a compromised setup will register the same on-chain as holders rebalancing into a bull thesis, but the underlying motivation is different. A fear-driven migration does not necessarily mean anyone is selling BTC.
Market impact
The number itself is meaningful as a comparison point. Active addresses in the roughly 700K-900K range have been the post-2024 baseline, so 0.98M breaks the upper end of that band without crossing into all-time-high territory. Watch the metric over the next 7-14 days: a sustained step-up would suggest the migration is permanent and the BTC user base has actually expanded, while a fast mean-reversion would confirm the read that this is a one-off wallet-rotation event tied to the Coldcard incident rather than a structural shift in network participation.
Source: [Title: BTC Active Addresses Chart - Glassnode](https://studio.glassnode.com/charts/addresses.ActiveCount?a=BTC&c=native&chartStyle=line&resolution=24h&s=1729641600&u=1785974400&zoom=)
Frequently asked questions
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What triggered the BTC active address spike to 0.98M?
The spike traces to the Coldcard firmware exploit, a hardware-wallet vulnerability that pushed security-focused holders to migrate wallets and seeds into alternative custody. Each migration registers as a new send and receive in the metric.
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What is the BTC active addresses metric measuring?
It counts unique addresses active in the Bitcoin network as a sender or receiver over the prior 24 hours, including only addresses that participated in successful on-chain transactions.
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Why is this spike being read as operational security rather than conviction?
Holders moving funds because their setup was compromised will register the same on-chain as holders rebalancing for a bull thesis, but the underlying motivation is different. A fear-driven migration does not necessarily mean anyone is selling BTC.
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How does 0.98M daily active addresses compare to the recent BTC baseline?
Active addresses in the roughly 700K-900K range have been the post-2024 baseline, so 0.98M breaks the upper end of that band without reaching all-time-high territory.
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What would confirm whether the spike is structural or one-off?
Watch the metric over the next 7-14 days. A sustained step-up would suggest the migration is permanent and the BTC user base has actually expanded, while a fast mean-reversion would confirm the read that this was tied to the Coldcard incident.
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