Spot Bitcoin ETFs pulled in $850 million last week, their biggest weekly haul since April, according to Bloomberg data. The surge came days after hackers exploited a vulnerability in Coinkite's Coldcard hardware wallet, stealing more than $130 million in Bitcoin. The funds now manage nearly $80 billion in assets.
The Coldcard breach
The attack targeted Coldcard, a hardware wallet popular among long-term holders. Estimates put the stolen amount at over $130 million. BlackRock's Robert Mitchnick, speaking on Bloomberg's ETF IQ show, said the incident isn't a breach of Bitcoin or any crypto protocol, but rather individual security mismanagement. He didn't go into specifics.
Where the money went
The iShares Bitcoin Trust took the bulk of last week's inflows, with funds from Fidelity and Morgan Stanley also seeing action. It's unclear whether investors are rotating out of cold storage into ETFs, but trading volume spiked. The timing is notable: the hack happened just before the inflow data was reported.
A record run
The ETFs, approved by the SEC in 2024, have been a hit. They now hold nearly $80 billion in assets, according to Coinglass. Bitcoin's price is flat over the past seven days, sitting at $63,861. The next weekly flow report will show whether the surge continues.
