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Bitcoin slips under $63,000 despite Iran deal hopes as Coldcard losses rattle market
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- DeepHorus
Bitcoin slipped below $63,000 on Monday, falling 1% to $62,800, despite improving macroeconomic conditions. Ether dropped over 1% to $1,858, while other major cryptocurrencies also declined, prolonging a week of losses. The sell-off came as a widening exploit of Coldcard hardware wallets continued to drain user funds, shaking market confidence.
The macro backdrop seemed supportive, with oil prices plunging and Treasury yields falling after President Donald Trump said he had called off a strike on Iran and would open fresh talks. Brent crude futures dropped as much as 7.3% to $81.55 a barrel, and the 10-year Treasury yield eased four basis points to 4.69%. Typically, such conditions lift risk assets, but crypto remained under pressure.
According to CoinDesk, a third wave of sweeps against Coldcard-generated addresses brought observed losses to 1,367 bitcoin, nearly $89 million, across 4,585 addresses. The first wave took 1,083 bitcoin from 1,196 addresses on July 30, while the third wave took 208 BTC from 1,912 wallets. This pattern suggests the attacker drained larger balances first, then targeted smaller wallets.
The divergence between crypto and macro markets points to market-specific security fears rather than broader economic forces. While Nasdaq 100 futures gained 0.8% and gold rose 0.3%, bitcoin ignored these positive signals. This unusual behavior has left traders wary of further downside.
Among major cryptocurrencies, BNB was the only gainer, up 1.6% on the week, while Hyperliquid's HYPE fell 1% to $52.52, down 12.8% over seven days. Additionally, ether funds saw small inflows on Friday while bitcoin funds experienced outflows, an uncommon split highlighting the market's unease.
Traders now eye the $62,000 support level as Iran talks resume. If a deal reopens the Strait of Hormuz, oil could fall further, offering crypto a second chance at a rally. However, failing to catch a bid on that would confirm the drag is coming from inside the market rather than from macro conditions.
