Bitcoin
Bitcoin ETF inflows surge in week of Coldcard wallet hack
A sustained streak of inflows into US spot Bitcoin ETFs has coincided with a major hardware wallet exploit, prompting speculation about investor attitudes toward self-custody.
Inflows into US spot Bitcoin exchange-traded funds have accelerated over the past week, with major products including BlackRock's iShares Bitcoin Trust, Fidelity Wise Origin Bitcoin Fund, Bitwise Bitcoin ETF, ARK 21Shares Bitcoin ETF and the Defiance Daily Target 2X Long MSTR ETF each recording daily inflows totaling roughly $620 million, according to Bloomberg senior ETF analyst Eric Balchunas.
The timing coincided with the Coldcard wallet exploit, which drained more than $116 million worth of Bitcoin from over 5,200 addresses, prompting debate about whether some investors are reconsidering self-custody. Balchunas cautioned that while a causal link remains unclear, it is plausible that the incident could prompt longer-term migration toward regulated investment vehicles.
The Coldcard hack exposed vulnerabilities even in hardware wallets, renewing concerns about operational risks inherent to holding Bitcoin directly. The incident reignited discussion of the trade-offs between direct asset ownership and exposure through institutional providers, where security is handled by established custodians.
Binance co-founder Changpeng Zhao suggested that storing cryptocurrency on centralized exchanges may now be "statistically safer" than self-custody, citing analyst data showing cumulative Bitcoin losses from self-custody incidents have exceeded those from exchange breaches. However, Zhao acknowledged that exchange hacks generate more public reporting than self-custody losses, which are often unreported, making accurate comparison difficult.
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