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U.S. spot Bitcoin ETFs draw $626 million after Coldcard hack, Farside data show

U.S. spot Bitcoin ETFs draw $626 million after Coldcard hack, Farside data show

Bitcoin rose above $65,170 as U.S. spot Bitcoin ETFs took in $763.6 million for the week, including $626 million since news of the Coldcard wallet exploit broke, even as a U.S. crypto bill was delayed.

BTC

Fact Check
The specific $626 million figure is confirmed by both Bitcoin Magazine ('$626M in new inflows') and CoinGape ('$626M since Aug 3'). BlackRock's IBIT leading inflows is confirmed by Bitcoin Magazine and U.Today. The Coldcard hack context and Eric Balchunas's commentary contrasting self-custody with institutional custody are corroborated across Bitcoin Magazine, U.Today, and numerous X posts, plus Grok's confirmation that ETFs were not directly affected but the incident strengthened the ETF custody case. U.Today's $620M is a minor rounding variance. All core claims converge across multiple independent sources.
Summary

Bitcoin traded above $65,170 on Friday, up nearly 4% over the past week, despite a major Coldcard hardware-wallet exploit and a delay to the Clarity Act, a proposed U.S. crypto market-structure bill. U.S. spot Bitcoin ETFs still attracted strong demand, with Farside Investors data showing $763.6 million of inflows for the week, including $626 million since news of the Coldcard hack broke on Friday; BlackRock's iShares Bitcoin Trust captured the largest share, while Fidelity, Grayscale, Morgan Stanley and others also drew money. Losses from the Coldcard incident, tied to a firmware flaw that let attackers guess weak private keys, were earlier described at about 1,800 BTC worth more than $116 million, while some newer estimates put them above $130 million. Bloomberg Intelligence ETF analyst Eric Balchunas said the inflows may not be directly related to the hack, but the episode highlights why some investors may prefer institutional custody over self-custody.

Terms & Concepts
  • Spot Bitcoin ETF: An exchange-traded fund that holds Bitcoin directly, giving investors market exposure through stock exchanges without having to manage wallets or private keys.
  • Self-custody: Holding crypto assets directly in a personal wallet and controlling the private keys rather than relying on a financial intermediary.
  • Private key: A secret cryptographic code that gives control over a cryptocurrency wallet and the assets in it.