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Bitcoin ETFs draw $850 million in inflows after Coldcard hack
American Bitcoin ETFs logged their biggest weekly inflow since April, totaling $850 million, even as Bitcoin stayed flat over the prior seven days.
Bitcoin exchange-traded funds in the United States saw a sharp jump in demand after hackers exploited a vulnerability in Coldcard, the Bitcoin Magazine article says. According to Bloomberg figures cited by the outlet, U.S. Bitcoin ETFs took in $850 million last week, the largest weekly inflow since April.
The inflows came the week after the Coldcard hack, where hackers began stealing millions of bitcoin from Coldcard wallets following the software flaw. Some estimates referenced in the article put losses at more than $130 million, and the incident has rattled parts of the bitcoin community that typically favor cold storage.
Bitcoin Magazine also notes that trading activity has increased alongside the cash, with BlackRock’s iShares Bitcoin Trust taking most of the inflows. It adds that other major U.S. funds managed by firms including Morgan Stanley and Fidelity also recorded trading activity during the same period.
Despite the ETF inflow momentum, the article says bitcoin was flat over the past seven days, priced at $63,861. It further states that the U.S. Securities and Exchange Commission approved a wave of Bitcoin investment funds in 2024, and that the ETFs now manage nearly $80 billion in assets, according to Coinglass data.
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