ETF Inflows Soar Amid Coldcard Hack Fallout
US Bitcoin exchange-traded funds (ETFs) saw significant inflows last week, totaling between $865 million and $1 billion. This surge represents the third-strongest weekly performance since a notable market disruption in October 2024.
The influx came during a time when a major security breach affected Coldcard hardware wallets, resulting in approximately 1,816 BTC being drained from over 5,200 addresses. The stolen funds are valued between $116 million and $130 million.
BlackRock's iShares Bitcoin Trust (IBIT) led the way, pulling in around $693 million of the total inflows, followed closely by Fidelity's Wise Origin Bitcoin Fund (FBTC), which saw approximately $116 million invested.
Bloomberg ETF analyst Eric Balchunas noted a strong correlation between the Coldcard incident and the timing of ETF inflows. However, he emphasized that correlation does not necessarily imply causation, as there is no direct evidence linking Coldcard users to the influx of funds into ETFs.