Bitcoin extended losses into Monday, trading lower after a turbulent weekend that mixed geopolitical headlines with fresh sector-specific shocks.
By 02:04 ET (06:04 GMT), Bitcoin was down about 1%, changing hands at $62,829.4. The move deepened losses that began over the prior days as investors reacted to both a large theft from so-called cold wallets and weak corporate results from leading crypto-related companies.
Coldcard hardware wallets compromised
Late last week Canadian wallet maker Coinkite Inc reported that its Coldcard line of hardware wallets had been breached, and that attackers were actively siphoning user funds. Data compiled by Galaxy Research indicated that nearly $90 million in Bitcoin had been taken by Monday, drawn from more than 4,500 wallets.
The episode was particularly striking because Coldcard devices are designed to serve as offline, or cold, storage - an arrangement typically viewed as one of the safest custody options for cryptocurrency. According to the company report, a flaw in Coldcard devices left them vulnerable to remote access despite their usual isolation from public networks.
Corporate earnings add to downside pressure
Market sentiment was further dampened by second-quarter results from Strategy Inc (NASDAQ:MSTR) and Coinbase Global Inc (NASDAQ:COIN). Strategy reported a much larger-than-expected loss for the quarter as it absorbed further markdowns on its Bitcoin holdings, a development that heightened concerns about the liquidity management of firms holding concentrated crypto inventories.
The company has been selling portions of its Bitcoin stash to meet capital and debt commitments, a dynamic that increased investor scrutiny of its balance sheet and contributed to broader unease about concentrated seller pressure in spot markets.
Coinbase also disappointed versus forecasts, reporting weaker-than-expected quarterly earnings. The exchange said that transaction volumes had been hit by a broad pivot away from crypto, which reduced fee generation and weighed on profitability.
Geopolitics and broader market reaction
Optimism that talks between the United States and Iran might resume did little to steady crypto prices. U.S. President Donald Trump said more negotiations were set to occur later on Monday after Washington canceled a major planned weekend attack on Iran. Oil prices nonetheless climbed, rising up to 5% during the period, but that move failed to translate into sustained gains for digital assets.
Analysts and market participants noted an extended period of investor retrenchment across 2026, where sustained declines in Bitcoin, sales by large holders, and the rising appeal of other asset themes such as AI-linked investments have left crypto less prominent in many portfolios. Persistent risk-aversion tied to the U.S.-Iran conflict has also been cited as a dampening influence on market appetite.
Altcoins track Bitcoin lower
Losses in Bitcoin rippled through the rest of the market. Ether fell 1.2% to $1,856.74, while XRP was down 1.1%. Solana and Cardano slipped 1% and 1.4% respectively, and BNB eased 0.4%. Memecoins also declined, with Dogecoin and $TRUMP each down about 1.2%.
With few direct positive catalysts for the industry over the immediate term, prices broadly lagged gains in other risk assets even after comments about the Iran talks.
Outlook
For now, markets are parsing the security implications of the Coldcard breach alongside corporate earnings that underscore how concentrated holdings and lower transaction volumes can amplify downside moves. The interplay between custody vulnerabilities, institutional balance sheet adjustments, and geopolitical headlines is likely to remain a key influence on crypto price behavior in the near term.