The Coldcard hardware wallet exploit has entered its fifth day, with over $114 million in Bitcoin stolen—a breach that cuts at the core of self-custody as a viable strategy for digital asset holders.
Wallet flows are showing the damage. Holders are sending coins back to centralized exchanges, reversing the self-custody trend that the crypto ecosystem is built on.
Analysts at Marex said the hack "has spooked holders into sending coins back to exchanges, the opposite of the self-custody trend crypto is built on." They added: "When the thing wobbling is cold storage itself, a cheaper barrel does not fix it."
Bitcoin trades at $63,734, up 0.4 percent over the past 24 hours. Ethereum is at $1,867, down 0.8 percent. The CoinDesk DeFi Select Index has dropped 2.5 percent, reflecting broad caution across the market.
The 200-week simple moving average, sitting just above $63,000, is now front and center. That level has historically acted as long-term support for Bitcoin and is drawing attention precisely because price is testing it now.
MicroStrategy (MSTR) said it tracks that long-term average and hinted at resuming Bitcoin purchases after a five-week pause—its longest such period. The company plans to fund potential acquisitions through preferred stock, a mechanism carrying a steep 12 percent cost, signaling its conviction in continued accumulation.
President Donald Trump said new talks with Iran would begin today. Iran rejected the claim. Foreign Ministry spokesperson Esmaeil Baghaei said Iran has no plans to receive a U.S. delegation or send one of its own—a diplomatic split that adds uncertainty to global markets.
Binance holds its position as crypto's leading exchange and continues expanding from spot and derivatives into real-world assets, payments, savings and yield products. The Coldcard incident sharpens the question every holder is now asking: how much do you trust yourself with your own keys?
