U.S. spot bitcoin and ether ETFs recorded combined $1.1 billion in inflows last week, their strongest performance since April, according to The Block’s analysis of SoSoValue data. Bitcoin ETFs saw $853.5 million in inflows, while ether ETFs recorded $244.9 million. BlackRock’s IBIT and Fidelity’s FBTC accounted for the majority of bitcoin inflows. Analysts noted a potential link between the inflows and the Coldcard hack, though causation remains unproven.
The inflows followed the Coldcard exploit, which reportedly resulted in at least $111 million in thefts, according to the timeline. The vulnerability was first disclosed several days before the inflow surge, though the exact connection remains speculative. Bitcoin prices rose 3% on the week, reaching an August high above $65,300, suggesting renewed investor confidence despite the security breach.
BlackRock’s IBIT, the largest bitcoin ETF, accounted for 80% of the $853.5 million inflows, with Fidelity’s FBTC contributing a further 13%. Ether ETFs posted five consecutive weeks of inflows, their longest streak since April. However, trading volumes for both asset classes declined, with bitcoin ETFs down 9% and ether ETFs down 21% from the prior week.
Galaxy Research estimated total losses from the Coldcard exploit could exceed $130 million, though this figure remains unconfirmed. Meanwhile, K33 reported 890,000 BTC moving onchain over seven days, while CryptoQuant noted increased ETH accumulation by large wallets. These movements suggest shifting capital flows within the crypto ecosystem.
The inflows highlight a broader trend of institutional interest in digital assets, despite ongoing security concerns. While the Coldcard incident has raised questions about wallet safety, the ETF performance underscores the resilience of the market to external shocks. Investors continue to weigh risks against potential rewards as the sector evolves.
Written by Oliver Grant
Markets Desk
