Bloomberg senior ETF analyst Eric Balchunas says Bitcoin spot ETFs just recorded their strongest weekly inflow since April, with roughly $1 billion in net flows - the third-best weekly showing since last October's "Silent IPO" episode. In a post on X, Balchunas highlighted that products including BlackRock's iShares Bitcoin Trust ETF (IBIT) and Fidelity's Fidelity Wise Origin Bitcoin Fund (FBTC) have drawn inflows for multiple straight trading sessions since the Coldcard wallet incident. He cautioned that causality cannot be fully confirmed, but the correlation in timing, he said, is "hard to ignore." Balchunas added that it would be somewhat ironic if the Coldcard incident turns out to be the starting point of Bitcoin's next rally, since an attack on a cold-storage wallet is typically seen as one of the worst security events - and yet sentiment may have swung the other way. The recent inflow streak points to recovering institutional demand for Bitcoin exposure, as the market reassesses the impact of the earlier security incident.
Roughly $1B in weekly inflows, strongest since April
Bitcoin spot ETFs delivered their strongest week of inflows since April, pulling in roughly $1 billion in net additions, according to Bloomberg senior ETF analyst Eric Balchunas.
In a post on X, Balchunas said the weekly total ranks as the third-best performance since last October's "Silent IPO" episode. A cluster of products - BlackRock's iShares Bitcoin Trust ETF (IBIT) and Fidelity's Fidelity Wise Origin Bitcoin Fund (FBTC) among them - have now registered inflows for multiple consecutive trading sessions since the Coldcard wallet incident.
'Hard to ignore': Balchunas on the Coldcard timing
Balchunas stopped short of pinning the flows to the security event, saying causality cannot be fully confirmed. Still, he argued, the overlap between the timing of the incident and the direction of fund flows is "hard to ignore." He also pointed to the irony if the Coldcard incident ends up marking the starting point of Bitcoin's next leg higher: an attack on a cold-storage wallet is widely regarded as one of the worst security events the sector can face, yet market sentiment may have shifted the other way.
The sustained return of ETF inflows points to recovering institutional demand for Bitcoin allocation, and to a market that is reassessing the fallout from the earlier security incident.
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