On-chain data shows the highest weekly wallet creation in a year as users rotate holdings following hardware wallet security issues. When a security scare hits the hardware wallet market, Bitcoin users don’t sit around waiting for a patch. That’s exactly what Santiment’s latest on-chain data appears to capture, with 2.27 million new Bitcoin wallets created in the week ending August 8, the highest weekly total in 12 months. What triggered the rotationThe catalyst, according to Santiment, was a security vulnerability associated with Coldcard hardware wallets. Santiment analysts noted that spikes in wallet creation driven by security incidents don’t necessarily signal weakness in the Bitcoin network itself.