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🚨 Not every spike in on-chain activity means people are selling. The recent increase in wallet movement may be driven more by users migrating funds to safer wallets than by panic selling. Current evidence points to a contained seed-generation vulnerability, where certain firmware versions produced wallet secrets that were easier to predict. According to Galaxy's Thorn: 🔹 BTC linked to three suspected attacker clusters was still sitting in attacker-controlled wallets as of August 2. 🔹 Smaller stolen amounts have been moving through peel chains and other services. The distinction matters. Defensive wallet migration is very different from market participants exiting their positions. The real near-term risk is the remaining attacker-controlled BTC. If those holdings begin moving toward exchanges, they could introduce additional sell-side pressure. For now, the focus shouldn't be on user migration—it should be on monitoring what happens to the remaining attacker-held inventory. $BTC $ETH $SOL #30YrYieldTopOrStart #USJapanYenIntervention #EarningsWeekAhead