BTC Pushes Higher Toward $64K With Coldcard Fallout Fading and Cardano Leading Gains

Bitcoin pushed higher as traders moved past the recent Coldcard wallet exploit and Strategy’s bitcoin sales, although overall market sentiment remained deeply negative with investors still showing “extreme fear.”

Bitcoin (BTC) gained 1.6% over the previous 24 hours, briefly climbing to $64,160 before retreating from the session peak. The rebound marked BTC’s strongest level since July 31 and came after a period of selling pressure triggered by a Coldcard wallet breach and additional bitcoin sales from Strategy, the largest corporate BTC holder.

The Coldcard attack has reportedly resulted in the theft of about 1,816 BTC, valued at nearly $114 million, from more than 5,200 addresses since July 30. Researchers tracking the incident said the exploit was connected to a vulnerability in Coldcard wallet firmware.

Strategy also added to recent market pressure by selling 1,638 BTC between July 27 and Aug. 2 at an average price of $63,957. The sale was the company’s third bitcoin disposal this year and was executed below its average acquisition cost of $75,419. Strategy said the proceeds were used for preferred stock dividend payments and STRC share repurchases rather than buying more bitcoin.

Despite the price recovery, investor sentiment remained cautious. The Crypto Fear & Greed Index declined to 25, placing the market in the “extreme fear” category. Spot bitcoin ETFs posted $61.5 million in net outflows last week, though they later attracted $170 million in inflows. Ethereum ETFs recorded $27.4 million in weekly inflows before seeing $11.4 million exit on Monday.

Macroeconomic developments also influenced market sentiment. The Japanese yen dropped nearly 4% after U.S. Treasury Secretary Scott Bessent confirmed coordinated intervention between the U.S. and Japan. The move brought back comparisons to the August 2024 carry-trade unwind, while bitcoin’s strong negative correlation with USD/JPY suggested dollar strength remains a key factor affecting crypto markets.

Derivatives Market Update

ATOM attracts heavy futures interest:
Cosmos’ ATOM gained nearly 9% over the past day, ranking among the strongest-performing cryptocurrencies. The move coincided with increased derivatives activity, with futures open interest nearing a record 80 million tokens.

ATOM traders remain defensive:
Despite the rally, ATOM’s perpetual funding rates and 24-hour open-interest-adjusted cumulative volume delta (CVD) remain negative. This indicates traders are maintaining short exposure or hedging against further gains. The token’s recent 12% rise over three days follows a sharp decline, leaving the broader trend uncertain.

ADA futures reach record levels:
Cardano’s ADA also stood out, with futures open interest reaching an all-time high of 2.79 billion coins. Its 24-hour CVD is the strongest among major cryptocurrencies, showing aggressive buying activity. Slightly positive funding rates further support the current upward momentum.

Bitcoin and Ethereum derivatives remain subdued:
Bitcoin’s recent increase in open interest was short-lived, with levels returning to around 740,000 BTC. Ethereum futures have shown a similar lack of strong momentum.

Altcoin performance remains divided:
Market signals across the largest altcoins are mixed. ADA, TRX, ZEC, AVAX, and ETH are seeing stronger buying pressure, while other major tokens continue to face weaker demand.

Volatility and Options Market

Bitcoin’s 30-day implied volatility index (BVIV) has fallen toward 36%, marking its lowest level since May 31. The decline indicates calmer trading conditions and reduced demand for protective options. However, volatility is currently trading below its longer-term averages, leaving room for a potential rebound if market uncertainty returns.

Options activity on Deribit remains concentrated between the $60,000 put level and the $70,000 and $72,000 call strikes. This suggests the $60,000–$72,000 range could become a key area for the next major directional move.

The most actively traded bitcoin option over the past 24 hours was the $70,000 call, while Ethereum traders showed the strongest interest in the $1,900 call contract.

ADA Leads Altcoin Recovery

Cardano’s ADA climbed to $0.195, its highest level since July 4, while its market capitalization increased 24% over the past week, according to Santiment data. The rally positioned ADA as one of the strongest performers in an otherwise mixed altcoin market.

The price surge has taken place despite a decline in ADA wallet activity. The network has around 7,070 fewer non-empty addresses than two months ago, suggesting the rally has been driven by stronger existing buyers rather than a broad return of retail investors.

The trend presents a mixed picture. Strong buying from a smaller group of investors may indicate conviction, but it also leaves the rally more dependent on limited participation. A rise in wallet activity would strengthen the bullish case, while continued price gains alongside falling holder numbers could suggest a less sustainable move.

Cardano’s recent strength is also supported by ongoing ecosystem developments, including Leios testing, Hydra scaling upgrades, Mithril improvements, Pyth oracle integration, and new Catalyst funding programs for developers. These developments provide additional fundamentals behind ADA’s recovery beyond short-term market momentum.