US spot Bitcoin (BTC) exchange-traded funds (ETFs) pulled in roughly $1 billion of net inflows over the most recent week, following the Coldcard hack.
The figure marks the strongest weekly performance since April and the third-best result since October of the prior year, reports Bloomberg ETF analyst Eric Balchunas.
“The Bitcoin ETFs just clocked their best week in flows (about $1b) since April and the 3rd best week since the good ole days were ruined by the Silent IPO last Oct. IBIT, FBTC and few others saw inflows every single day since the Coldcard hack, making it hard not to see causation in the correlation. Would be ironic, but somehow on brand, if the hack of BTC in cold storage (seemingly worst possible situation) marked the beginning of next run.”
Balchunas also explained that Bitcoin witnessed a silent IPO (initial public offering) phase after BTC ETFs were launched as long-term holders took the opportunity to exit at scale.
“OGs who made it through 5-6 hella drawdowns and are now multi-millionaires in their 30s and 40s and need $ money for stuff. They’re cashing out a little à la VC investors. The ETF was Bitcoin’s IPO.”
Earlier this month, attackers exploited a long-standing firmware flaw in Coldcard hardware wallets made by Coinkite to drain approximately 1,816 Bitcoin worth $116 million from more than 5,200 addresses beginning July 30th. Blockchain analysis from Galaxy Research confirmed the scale of the theft across four waves of activity.
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