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Bitcoin spot ETF inflows climb amid Coldcard wallet exploit
Bloomberg analyst Eric Balchunas said several US spot Bitcoin ETFs have logged daily inflows totaling about $620 million since the Coldcard hack, though a direct link remains unproven.
Demand for US spot Bitcoin exchange traded funds has accelerated over the past week, with daily inflows coinciding with the Coldcard wallet exploit, prompting debate about whether some investors are shifting away from self custody, according to Cointelegraph.
Cointelegraph cited Bloomberg senior ETF analyst Eric Balchunas, who said BlackRock’s iShares Bitcoin Trust, Fidelity’s Wise Origin Bitcoin Fund, Bitwise’s spot Bitcoin ETF, ARK 21Shares Bitcoin ETF, and Defiance Daily Target 2X Long MSTR ETF have recorded inflows every trading day since the weekend exploit. Balchunas estimated the cumulative inflows at roughly $620 million, while also noting the connection is not confirmed.
The Coldcard incident, described as draining more than $116 million worth of Bitcoin from over 5,200 wallet addresses, has renewed concerns about operational risks for hardware wallet users, including exposure to firmware flaws and software vulnerabilities, Cointelegraph reported.
Cointelegraph also said Binance co-founder Changpeng “CZ” Zhao argued that centralized exchange storage may be statistically safer than self custody, pointing to data from analyst Willy Woo that cumulative self custody losses have exceeded those from exchange hacks.
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