Bitcoin failed to catch a bid even as fresh US-Iran talks eased inflation fears, with Coldcard-linked wallet sweeps pushing observed losses to nearly $89 million.
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Bitcoin slips below $63,000 as Coldcard losses hit $89 million
Bitcoin fell below $63,000 on Aug. 3 as Coldcard-linked wallet sweeps pushed observed losses to nearly $89 million, even as US-Iran talks eased inflation fears.
Coinglass data shows $238 million in liquidations across major exchanges, with 78 percent of those being long positions, as traders unwound leveraged bets on the downside move.
The drop came despite oil easing to $84 per barrel and Treasury yields falling after Washington and Tehran opened fresh negotiations, a combination that typically supports risk assets. Bitcoin and ether both failed to catch a bid, with ether trading around $1,866 as of 02:15 UTC. The broader crypto market cap slipped 1.03 percent to $2.16 trillion, according to CoinMarketCap data.
The $63,000 level now serves as critical support. A sustained break below $62,000 could open the door to further declines toward $60,345, a 4.5 percent drop from current levels, while a recovery above $63,500 would suggest the pullback is temporary.
Coldcard Sweeps Add to Selling Pressure
The Coldcard-linked sweeps represent a significant on-chain event, with observed losses accumulating to nearly $89 million. These sweeps suggest forced selling or distressed positions being unwound, adding to selling pressure on Bitcoin and major tokens. The pattern of wallet activity points to coordinated liquidations rather than organic market flow, and the scale of the losses has rattled traders who were already cautious about the market's direction.
Macro Crosscurrents Leave Crypto Behind
Bitcoin's failure to rally on easing geopolitical tensions marks a notable divergence from traditional risk assets. Oil prices fell and Treasury yields declined after the US-Iran talks, yet crypto remained under pressure, suggesting crypto-specific headwinds dominate macro tailwinds.
The broader context includes weak Coinbase earnings - the exchange reported its third straight quarterly loss - and fading optimism about US crypto legislation, with doubts growing that the Clarity Act will pass this summer. Bitcoin has lost more than 27 percent of its value so far in 2026, and Coinbase shares have matched that with a nearly 28 percent decline.
Spot Bitcoin ETFs saw $233 million in inflows on July 30 despite the risk-off tone, according to data from the iShares Bitcoin Trust ETF. Morgan Stanley launched new crypto ETFs this week, providing some institutional support even as retail sentiment remains cautious. Banco Santander disclosed holdings of $4.31 million in the iShares Bitcoin Trust ETF and around $3.54 million in the iShares Ethereum Trust ETF.
The crypto fear and greed index has moved from "extreme fear" to "fear," suggesting some resilience among traders despite the price decline. However, the index remains in bear territory, and the RSI reading of 39 on Bitcoin's daily chart points to continued downside momentum.
This article is for informational purposes only and does not constitute investment advice.
[1] Bitcoin slips under $63,000 despite Iran deal hopes as Coldcard losses rattle market[2] Crypto Market Update August 1: Bitcoin Drops Below $63,000 as Pi Network, PUMP, Lead Gains[3] Bitcoin Dips Below $63,000: Market Analysis and What’s Next[4] Bitcoin slips below $63,000 to a two-week low as weak Coinbase earnings and fading optimism weigh on senti[5] Crypto Market Today, July 31: Bitcoin Slides Below $63,000 and Coinbase Tumbles 10% - The Globe and Mail
