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US spot Bitcoin ETFs pulled in somewhere between $865 million and $1 billion in a single week, their strongest showing since April. The catalyst? A security breach that reminded the crypto world why “be your own bank” comes with its own set of risks.
The inflows represent the third-strongest weekly performance since the notable market disruption in October 2024, and they arrived during a week when a major hack of Coldcard hardware wallets drained approximately 1,816 BTC, valued between $116 million and $130 million, across more than 5,200 addresses.
Who captured the money
BlackRock’s iShares Bitcoin Trust (IBIT) dominated the week, pulling in roughly $693 million of the total. Fidelity’s Wise Origin Bitcoin Fund (FBTC) came in second with approximately $116 million.
Before this week’s surge, US Bitcoin ETFs already held approximately $77.8 billion in assets under management.
Bitcoin itself held relatively steady during the inflow week, trading around the $64,000 to $65,000 range.
The Coldcard connection
The Coldcard hack, which began around July 30, drained 1,816 BTC from over 5,200 addresses, representing $116 million to $130 million in losses spread across thousands of individual holders.
Bloomberg ETF analyst Eric Balchunas noted a strong correlation between the Coldcard incident and the timing of ETF inflows. But he also offered a reasonable caveat: correlation isn’t causation, and there’s no direct evidence that Coldcard users specifically moved their remaining assets into ETF products.
Analysts tracking the space have noted that institutional interest in custody solutions has strengthened following the Coldcard incident.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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