Bitcoin ETFs record $1bn weekly inflows after Coldcard breach
US spot Bitcoin ETFs attracted roughly $1 billion in net inflows over the past week, marking their strongest weekly performance since April.
US spot Bitcoin exchange-traded funds logged approximately $1 billion in net inflows during the most recent week, according to Bloomberg ETF analyst Eric Balchunas. This represents the strongest weekly performance since April and the third-best result since the prior October, when the launch of Bitcoin ETFs triggered what Balchunas describes as a "silent IPO" phase as long-term holders exited positions at scale.
Balchunas noted that major Bitcoin ETFs including IBIT and FBTC saw inflows every day since the Coldcard hack, suggesting a possible connection between the security breach and investor appetite. He characterised early Bitcoin adopters who accumulated wealth through multiple market cycles as cashing out gradually, similar to venture capital investors liquidating stakes after an IPO.
The timing follows a significant security incident earlier this month, when attackers exploited a firmware vulnerability in Coldcard hardware wallets to drain approximately 1,816 Bitcoin—worth $116 million—from over 5,200 addresses beginning July 30th. Galaxy Research confirmed the scale of the theft across four waves of activity through blockchain analysis.
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