Bitcoin ETFs Surge on $850M Inflows as Hackers Steal $130M

A massive influx of funds into American Bitcoin exchange-traded funds (ETFs) has been reported, totaling $850 million last week, according to Bloomberg figures. This marks the biggest weekly inflow since April.

The surge in investor interest comes after hackers targeted Coinkite's popular Coldcard product, stealing millions in Bitcoin from Coldcard wallets. The amount of Bitcoin lost is estimated to be over $130 million.

Robert Mitchnick, global head of digital assets at BlackRock, noted that the hack was not a breach of any crypto protocol, but rather an individual security mismanagement issue. He emphasized the importance of secure custody solutions and expressed confidence in the resilience of Bitcoin's protocol.

The iShares Bitcoin Trust managed by BlackRock took in most of last week's inflows, followed closely by funds managed by Morgan Stanley and Fidelity. The U.S. Securities and Exchange Commission approved a slew of Bitcoin investment funds in 2024, which have since become some of the most successful launches in ETF history.