Coldcard Hack Can't Chill Bitcoin's Price as ETF Inflows Boost Market

Despite recent setbacks, Bitcoin's price continued to rise on Friday, reaching above $65,170. The cryptocurrency was up nearly 4% over the past week, despite concerns surrounding a hack of Coldcard wallets and delays in the Clarity Act.

The Coldcard exploit has led to millions of dollars being stolen from users' wallets, with estimates suggesting that over $130 million has been lost. This has raised concerns among investors, who typically praise cold storage solutions as secure.

However, the news did not seem to deter investors, who continued to buy shares in Bitcoin exchange-traded funds (ETFs). The BlackRock's iShares Bitcoin Trust and Morgan Stanley's fund saw significant inflows this week, with a total of $763.6 million in fresh cash hitting the funds since the beginning of the week.

Bloomberg Intelligence's senior ETF analyst Eric Balchunas noted that the flows may not be directly related to the Coldcard hack but would make sense for investors to rotate into successful products like these.