Bitcoin ETFs See $1B in Weekly Inflows After Coldcard Breach
US spot Bitcoin exchange-traded funds (ETFs) saw approximately $1 billion in net inflows over the past week, marking their strongest weekly performance since April and the third-best since October, according to Bloomberg ETF analyst Eric Balchunas.
Balchunas noted that IBIT, FBTC, and other funds recorded inflows every day since the Coldcard hack, making it difficult not to see causation in the correlation. He called it ironic that the hack of Bitcoin in cold storage—seemingly the worst possible situation—might mark the beginning of the next run.
He also explained that Bitcoin experienced a “silent IPO” phase after ETF launches, as long-term holders who survived multiple drawdowns cashed out, similar to venture capital investors. This dynamic is part of the backdrop to the recent inflows.
The hack in question was a cold storage breach. Attackers exploited a long-standing firmware flaw in Coldcard hardware wallets made by Coinkite, draining approximately 1,816 BTC (worth about $116 million) from more than 5,200 addresses starting July 30. Blockchain analysis from Galaxy Research confirmed the scale of the theft across four waves of activity.