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2026-08-08

21m ago

Bitcoin onchain activity hits multi month high as Coldcard firmware flaw linked to $116M in losses

Bitcoin onchain activity rose this week with 2.27 million new wallets and about 751,000 active wallets, while active addresses peaked near 978,000 on July 31. The spike follows a disclosed Coldcard firmware random number flaw affecting some Mk3, Mk4, Mk5, and Q devices, with more than $116 million in Bitcoin reported lost since July 30.

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29m ago

Greg Abel Deploys Over $30B as Berkshire Cash Hits Record $397.4B in Q1 2026

Berkshire Hathaway reported a record $397.4 billion in cash and equivalents in Q1 2026, up from about $373 billion at end 2025, and CEO Greg Abel began deploying capital, including a $6.8 billion all cash purchase of Taylor Morrison closed July 24, a roughly $23 billion commitment to Alphabet, and $234 million in share buybacks.

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30m ago

Bitcoin Wallet Creation Jumps to 2026 High as Users Rush to Move Funds After Coldcard Firmware Exploit

Bitcoin's onchain activity surged this week, with 2.27 million newly created wallets and about 751,000 active wallets, the strongest showing in months, as holders moved quickly to shift funds away from Coldcard hardware wallets following a firmware flaw tied to more than $116 million in stolen BTC. Santiment reported that active addresses climbed to nearly 978,000 on July 31—about 1.6 times July's daily average—before easing but remaining elevated at roughly 751,000 per day through the first week of August. July's average was closer to 610,000. The pattern differs from a typical bull-market address boom because exchange deposits did not rise in tandem. Average daily exchange inflows during the same period were about $1.55 billion, slightly below July's $1.67 billion average, pointing to precautionary transfers rather than a broad selling wave. The catalyst was traced to Coinkite's Coldcard devices. A bug introduced in a March 2021 firmware build, affecting versions 4.0.1 through 4.1.9 on certain Mk3 units, generated seed phrases using a software random-number generator instead of the device's hardware entropy chip. As a result, what should have been a 128-bit cryptographic key could be reduced to roughly 40 bits of effective randomness on the worst-affected units, and around 72 bits on some later models. As details spread that seeds on certain Coldcard Mk3, Mk4, Mk5 and Q devices running vulnerable firmware could potentially be brute-forced, security-focused users had strong incentives to create new wallets on unaffected hardware, sweep coins to fresh addresses, and rotate away from any setup exposed to weak entropy. That behavior aligns with the spike in new and active wallets without a corresponding jump in exchange inflows. Coinkite has released a firmware fix and published an entropy-focused disclosure outlining the extent of the randomness shortfall. Separate from the Coldcard issue, independent security researchers reported that an emergency audit effort uncovered nearly 5,000 vulnerabilities across hundreds of bitcoin-adjacent projects in just over a day of testing. Industry observers emphasized that the incident was not a bitcoin protocol flaw. The weakness was confined to one manufacturer's seed-generation process, described as a self-custody supply-chain failure rather than a blockchain-level problem. Researchers tracking victim wallets added that Canadian users accounted for roughly a quarter of the losses, a concentration likely linked to Coinkite's Canadian base and early customer footprint. The episode has also been cited as an example of how a narrow, patchable firmware bug can still ripple into headline onchain metrics well beyond the number of affected devices.

Bloomberg's Balchunas: Coldcard incident may be an early signal of a Bitcoin market turn

ChainCatcher reported that Bloomberg Senior ETF Analyst Eric Balchunas wrote on X that U.S. spot Bitcoin ETFs just posted their strongest weekly inflows since April, with net subscriptions of about $1 billion. He said the week ranks as the third-best since the "Silent IPO" in October last year. Balchunas noted that several products, including BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity's Fidelity Wise Origin Bitcoin Fund (FBTC), have logged consecutive days of inflows in the wake of the Coldcard wallet incident. While he said a direct causal relationship can't be confirmed, he described the timing as a "hard to ignore" correlation. He added that if the Coldcard episode ultimately marks the start of Bitcoin's next leg higher, it would be a twist: attacks involving cold-storage wallets are typically viewed as some of the most serious security events, yet sentiment may have shifted. The sustained ETF inflows suggest institutional demand for Bitcoin exposure is picking up again as the market reassesses the fallout from prior security incidents.

Bitcoin Spot ETFs See Surge in Inflows After Coldcard Wallet Incident

According to ChainThink, Bloomberg ETF analyst Eric Balchunas wrote on X on Aug. 8 that U.S. Bitcoin spot ETFs posted their strongest weekly inflows since April, with net subscriptions of about $1 billion. The tally ranks as the third-best week since the "Silent IPO" in October last year. Balchunas said several funds, including BlackRock's iShares Bitcoin Trust ETF (IBIT) and Fidelity's Wise Origin Bitcoin Fund (FBTC), drew steady inflows over multiple sessions following the Coldcard wallet incident. He noted there is no confirmed causal link, but said the alignment in timing between the event and the fund flows is "difficult to ignore." Balchunas added it would be a touch ironic if the Coldcard episode ends up marking the launch of Bitcoin's next leg higher, given that attacks on cold wallets are typically viewed as major security breaches.

Bitcoin ETFs draw $1B in weekly inflows, strongest since April

Odaily Planet Daily reports: Bloomberg ETF analyst Eric Balchunas wrote on X that Bitcoin ETF inflows totaled about $1 billion this week, the best weekly showing since April and the third-strongest week since the "Silent IPO" jolted markets last October. He added that since the Coldcard hack, iShares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC) and several other Bitcoin ETFs have posted steady day-by-day inflows, a pattern he said is too pronounced to dismiss any possible causal link. Balchunas also noted the irony that a worst-case event—Bitcoin in cold storage being hacked—could end up serving as the starting point for the next rally, in line with the asset's typical behavior.

XRP ETF Inflows Sink to $1.01M as Bears Eye Further Downside

XRP is facing renewed pressure as signs of institutional demand fade, even as Bitcoin and Ethereum draw stronger ETF allocations. Weekly inflows into XRP ETFs reportedly slumped 93% to $1.01 million, down from $14.86 million the prior week. Total net assets across XRP ETFs also edged lower to about $964 million from $988 million, leaving XRP as the weakest performer among major crypto ETF categories. The divergence versus the two largest crypto assets has widened. Bitcoin ETFs recorded $754 million in inflows after seeing $61.53 million in outflows the previous week, a net swing of roughly $816 million. Ethereum ETFs took in about $195 million, nearly seven times the prior week's $27 million. The weekly XRP number masks a brief midweek rebound. Flows slid to $3.58 million on August 5, then flipped positive at $3.45 million on August 6. For investors who exited XRP in the $2–$3 area, the pullback may be viewed as a potential chance to rebuild exposure at lower levels. Whales Accumulate as Grayscale Adds Supply Onchain data indicates larger XRP wallets holding roughly 100 million to 1 billion tokens increased their share of supply from 10.6% to 11.99%. Smaller whale cohorts holding 10 million to 100 million XRP were net sellers earlier in the period, then returned to buying on August 6. Grayscale's XRP Trust has also contributed to selling pressure. In its SEC Form 10Q, Grayscale reported net outflows of 103.41 million XRP, valued at about $180.78 million, during the first half of 2026. Derivatives data pointed to stress as well. CoinGlass tallied $9.48 million in XRP liquidations, with nearly 98% tied to long positions. Technical Outlook: Where Could XRP Bottom? Crypto analyst Crypto Patel said his bearish XRP call from July 2025 has largely played out, noting XRP is down 72% from its cycle peak. He now projects an additional 20%–40% downside and flags $0.85–$0.65 as a potential long-term accumulation zone. Patel says he plans to build positions gradually rather than trying to pinpoint an exact bottom, while keeping long-term targets of $3, $5, $7 and $10+. Another analyst, ChartNerd, argues XRP first needs to reclaim the $1.05–$1.06 area, which he says has flipped from support into resistance, before any meaningful relief rally can develop. He expects a prolonged accumulation phase following the current bear market, potentially setting the stage for a larger repricing over the coming years. XRP last traded up 0.64% over 24 hours at $1.03, lagging Bitcoin's 1.04% gain over the same period.

Franklin Templeton, Bitwise Add $3.45M to Spot XRP ETFs, Snapping a One-Day Outflow Streak

U.S. spot XRP exchange-traded funds (ETFs) swung back to net inflows on Aug. 6, pulling in $3.45 million a day after logging their first net outflow in nearly a month. The turnaround followed a $3.58 million redemption on Aug. 5, the first session of net outflows since July 8. Bitwise and Franklin Templeton drove the rebound. Bitwise's XRP ETF brought in $2.89 million, while Franklin Templeton's XRPZ added $561,560. No other spot XRP ETF posted net flows in the session. Notably, Bitwise had accounted for the full $3.58 million withdrawal on Aug. 5, signaling investors returned quickly after a brief pause. Despite the one-day dip, U.S. spot XRP ETFs still show $1.51 billion in cumulative net inflows. By cumulative inflows, Bitwise leads with $510.21 million, followed by Canary at $468.12 million and Franklin Templeton at $426.53 million. (Source: SoSoValue) Across the broader U.S. crypto ETF market, flows also stayed positive on Aug. 6. Spot Bitcoin ETFs attracted $128.69 million, with BlackRock contributing $128.33 million. Additional inflows were recorded by Fidelity ($11.20 million), Grayscale Bitcoin Mini Trust ($7.48 million), Grayscale Bitcoin Trust ($6.83 million), Bitwise BITB ($1.70 million), and the Morgan Stanley ETF ($14.94 million). Outflows at VanEck ($32.77 million) and Valkyrie ($9.07 million) partially offset those gains. Spot Ethereum ETFs took in $92.15 million, extending their recent run of positive flows. Among the four major spot crypto ETF categories, Solana ETFs were the only group to end in the red, with $859,450 in net outflows. XRP lagged major peers despite the renewed ETF demand. At the time of writing, XRP traded at $1.03, down 1.01% over 24 hours and 3.43% over seven days. Bitcoin was at $64,822, up 0.35% on the day and 1.60% over the week. Ethereum traded near $1,912, up 0.5% over 24 hours and 1.4% over seven days. The gap between steady ETF buying and weaker spot performance suggests institutional investors continued adding exposure even as XRP struggled in the short term. Disclaimer: This content is for informational purposes only and does not constitute financial advice. Views expressed may reflect the author's personal opinions and do not represent The Crypto Basic's position. Readers should conduct their own research before making investment decisions. The Crypto Basic is not responsible for any financial losses.

Berkshire Hathaway Q2 2026 Net Income Tops $25.6B on $10.9B Investment Gains

Berkshire Hathaway reported net income of $25.667 billion for the second quarter of 2026, more than doubling the $10.106 billion posted in Q1. The result was powered in large part by $10.9 billion in investment gains, a notable rebound after a period in which those gains had slipped into negative territory. The company released results on August 8 at 7:00 a.m. Central Time. The figures largely aligned with Wall Street expectations, where analysts were looking for about $5.24 per Class B share equivalent and roughly $95.3 billion in total revenue. Operationally, Berkshire's businesses continued to show momentum under CEO Greg Abel, who assumed the role in January 2026 in one of the most closely watched leadership transitions in U.S. corporate history. Operating earnings rose 18% year over year, indicating that the conglomerate's broad set of operations—spanning insurance, railroads, utilities, manufacturing and retail—remained solid. Capital deployment also stayed active. Berkshire completed its acquisition of homebuilder Taylor Morrison and closed a $9.7 billion deal for OxyChem, Occidental Petroleum's chemicals division. In June, the company invested $10 billion in Alphabet, adding one of the world's largest technology companies to its holdings. The $10.9 billion investment gains reflect quarterly mark-to-market swings that have made Berkshire's reported earnings more volatile since accounting rules changed in 2018. Under those standards, unrealized gains and losses on the company's equity portfolio flow directly through the income statement, even when no shares are sold. By contrast, the 18% year-over-year increase in operating earnings points to steadier underlying performance. Insurance underwriting, long a core profit driver, appeared to contribute meaningfully. Berkshire's insurance float—premiums collected before claims are paid—continues to provide a large pool of low-cost capital for investing. Recent acquisitions further broaden the business mix. Taylor Morrison expands exposure to residential construction, a segment supported by the persistent U.S. housing shortage. OxyChem adds a chemicals platform with stable cash flows. Berkshire has continued to avoid meaningful exposure to Bitcoin and other cryptocurrencies, and that stance appears unchanged under Abel.

XRP Whales Accumulate 1.23B Tokens in 2026 Even as Price Slides 43%

XRP has struggled in 2026, with the token down 43% on the year. On-chain data from Santiment indicates that large holders in the 10 million to 100 million XRP bracket have continued to add to positions, increasing their combined holdings by 1.23 billion XRP since the start of the year. At the beginning of 2026, this cohort controlled 10.97 billion XRP. Their aggregate balance has since risen to 12.2 billion XRP, an increase of 1.23 billion tokens. At XRP's current price of $1.04, the newly accumulated amount is worth about $1.2792 billion. Using XRP's all-time high of $3.66, set in July 2025, the same 1.23 billion XRP would be valued at roughly $4.5 billion. Accumulation has been uneven. Buying activity began before 2026, with these whales adding more than 2.4 billion XRP in November 2025 despite weak price action. Their combined balance climbed from 8.4 billion XRP to more than 10.8 billion that month. Momentum then eased as XRP stayed under pressure. Holdings briefly moved above 11 billion XRP in December 2025 before slipping to 10.97 billion XRP by the start of 2026. The group remained largely inactive until March 2026, when it shifted into a modest but steady accumulation phase that carried into subsequent months. By July 8, 2026, the cohort's holdings reached a new record of 12.27 billion XRP. Since then, some distribution has reduced the total gradually to 12.2 billion XRP, still well above the level recorded at the start of the year. The growth has also been supported by an expanding number of addresses entering the 10 million to 100 million XRP range. The cohort counted 301 addresses at the start of 2026, compared with 313 today. The figure fell to 285 in mid-February before rebounding, rising to 322 in early July and later easing back to 313. Despite the increase this year, the count remains below the all-time high of 351 reached in October 2025. Other large XRP holder segments have shown mixed behavior in 2026. Wallets holding 100 million to 1 billion XRP reduced combined holdings from 8.43 billion XRP at the start of the year to 8.13 billion XRP, implying net distribution of 300 million XRP. Addresses holding 1 million to 10 million XRP added 260 million XRP, bringing the group's combined balance to 3.83 billion XRP. By contrast, the 100,000 to 1 million XRP "shark" cohort trimmed holdings, with the combined balance slipping from 6.43 billion XRP at the beginning of 2026 to 6.37 billion XRP currently. Disclaimer: This content is for informational purposes only and should not be considered financial advice. The views expressed may reflect the author's personal opinions and do not necessarily represent The Crypto Basic. Readers should conduct their own research before making investment decisions. The Crypto Basic is not responsible for any financial losses.

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