🚨 Is fear surrounding Coldcard driving the largest Bitcoin movement since FTX?

CryptoQuant data reveals extraordinary on-chain activity:

• 📈 39,600 BTC in transfers of less than 1 BTC (levels nearly matching the post-FTX period).

• 👥 Active addresses nearing 1 million.

• 🏦 Long-term holders moved 406,000 BTC.

• 💰 Exchange reserves increased by 17,500 BTC.

• 🔶 Binance received approximately 51% of those inflows.

Despite this, the market shows no signs of full capitulation yet, as funding rates remain positive and open interest stays relatively stable.

👀 The key metric to watch is whether that BTC remains on exchanges or returns to self-custody once the fear subsides.

📊 Metric source: CryptoQuant.