Coldcard Hack Triggers $1 Billion Bitcoin ETF Surge
The recent Coldcard hack has led to a surge in net inflows for US spot Bitcoin (BTC) exchange-traded funds (ETFs), totaling around $1 billion over the past week. This marks the strongest weekly performance since April and the third-best result since October of last year, according to Bloomberg ETF analyst Eric Balchunas.
IBIT and FBTC saw inflows every single day since the hack, suggesting a clear correlation between the event and investor interest in Bitcoin ETFs. Balchunas noted that this would be ironic if the Coldcard hack marked the beginning of the next run for BTC.
The attack exploited a long-standing firmware flaw in Coinkite's hardware wallets, resulting in approximately 1,816 Bitcoin worth $116 million being drained from more than 5,200 addresses. Galaxy Research confirmed the scale of the theft across four waves of activity.