Bitcoin ETF inflows surge after Coldcard hack, but link is unclear: Bloomberg analyst

Demand for US spot Bitcoin exchange-traded funds (ETFs) has accelerated over the past week, with a string of daily inflows coinciding with the Coldcard wallet hack — timing that has prompted speculation about whether some investors are reconsidering self-custody.According to Bloomberg senior ETF analyst Eric Balchunas, BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC), Bitwise Bitcoin ETF (BITB), ARK 21Shares Bitcoin ETF (ARKB) as well as Defiance Daily Target 2X Long MSTR ETF (MSBT) have recorded inflows every trading day since the weekend exploit, totaling roughly $620 million. The cumulative figure is consistent with Cointelegraph’s recent reporting on the ETF inflow streak.The Coldcard exploit drained more than $116 million worth of Bitcoin from over 5,200 wallet addresses, according to blockchain intelligence firm TRM Labs.“I’m not saying it’s connected, we just don’t know,” Balchunas said in a post on X. “[Although] long-term I can’t imagine there aren’t some who migrate over.”Source: Eric BalchunasRelated: Bitcoin Red Team reports 5K findings in sweeping security auditColdcard exploit renews debate over self-custody risksThe Coldcard hack ren...