US-listed spot Bitcoin exchange-traded funds experienced a surge in capital inflows totalling $382 million over two days, following reports concerning the recent Coldcard hack. The increased investment activity highlights investor interest amidst heightened anxieties surrounding digital asset security.
Tuesday’s data from SoSoValue indicated net inflows of $211.5 million into spot Bitcoin ETFs. BlackRock’s iShares Bitcoin Trust (IBIT) recorded a substantial $170 million in inflows on the same day, alongside $111 million on Monday. Fidelity’s Wise Origin Bitcoin Fund (FBTC) added approximately $33 million and $20 million respectively during the period.
Invesco Galaxy Bitcoin ETF (BTCO) saw its first positive daily inflow since July 1st, recording $6.7 million on Monday. Analysis from Bloomberg Intelligence, led by Eric Balchunas, suggests this renewed interest is driven in part by concerns surrounding the Coldcard hack, which has affected an estimated 7,300 addresses.
Galaxy Digital’s research arm, through Alex Thorn, provided estimates relating to the potential losses stemming from the incident. These figures currently stand at approximately $130 million in suspected Bitcoin transactions. Furthermore, cryptocurrency commentator Shagun noted on X that large fund movements could attract greater scrutiny within the market.
The overall market price of Bitcoin was recorded at $64,113 at the time of publication. Over the past seven days, CoinGecko reported a decrease of 0.8% in Bitcoin’s trading value. Michael Saylor’s Strategy has sold 1,638 BTC as part of its holdings.
The incident underscores vulnerabilities within custodial solutions and is prompting a re-evaluation of security protocols across the cryptocurrency landscape. Confirmation regarding the exact number of affected addresses remains pending.
Written by Oliver Grant
Markets Desk
