According to CoinMeta, as reported by CryptoQuant, the transfer activities of Coldcard users are accelerating at the same rate as during the collapse of FTX. On July 31st, the volume of transfers reached 39,600 BTC, just a few days after the hack was disclosed. This figure is close to the 39,900 BTC transferred during the collapse in November 2022. In the past nearly four years, smallholder transfer activities have never reached such a scale.