Bitcoin climbed 1.6% in 24 hours to just below $64,000 on August 4, recovering from weekend losses tied to a Coldcard wallet exploit and MicroStrategy's sale of 1,638 coins. The bounce marks a pause after the market absorbed roughly $114 million in stolen funds and corporate selling pressure.
The Coldcard hack siphoned about 1,816 BTC from over 5,200 addresses since July 30 by exploiting a firmware flaw. MicroStrategy, the world's largest corporate bitcoin holder, offloaded coins between July 27 and August 2 at an average of $63,957 each, below its $75,419 cost basis. The company uses proceeds for dividend payments and preferred stock buybacks. Despite the selling, spot bitcoin ETFs returned $170 million inflows yesterday after bleeding $61.5 million the prior week.
Fear index hits rock bottom
The Crypto Fear and Greed Index dropped to 25, signaling extreme fear. Ether ETFs remained steadier with $11.4 million in outflows on Monday after $27.4 million inflows the previous week. The yen weakened nearly 4% following U.S. Treasury Secretary Scott Bessent's confirmation of coordinated intervention with Japan, a move that revived carry-trade comparisons to last August's turmoil. Bitcoin's 52-week correlation with the yen sits at minus 0.90, suggesting dollar strength poses the bigger structural risk.
Altcoins showed scattered strength. Cardano surged to its highest level in a month on strong buying from a narrowing holder base and ecosystem updates, standing apart in a mostly flat market. Cosmos rallied nearly 9%, backed by elevated futures positioning, while broader altcoin derivatives data reveal heavy hedging in tokens like ADA and ATOM.
This material is for information only and does not constitute financial advice. Crypto markets remain volatile, and past performance does not guarantee future results.
