Recent data indicates that Coldcard losses are nearing $114 million, coinciding with a significant increase in small Bitcoin transfers. Transfers involving less than 1 BTC have surged to levels not seen since the days following the FTX collapse. This trend has raised concerns among analysts, with Galaxy Research highlighting the possibility of a fourth wave of thefts.

The increase in small transfers could suggest heightened activity among retail investors or potential attempts to obfuscate transactions. The situation draws parallels to the aftermath of the FTX collapse, where similar patterns were observed. As the Bitcoin ecosystem continues to evolve, stakeholders remain vigilant about potential security threats and market dynamics.

Galaxy Research's warning underscores the importance of maintaining robust security measures within the Bitcoin and Lightning Network communities to mitigate risks associated with theft and fraud.