Bloomberg ETF analyst says Coldcard hack could push more money into ETFs

Bloomberg ETF analyst Eric Balchunas said in a post on X that the Coldcard hack could drive more funds toward exchange-traded funds. He argued that parts of traditional finance once seen by many crypto holders as a weakness may now be viewed as a strength instead. In his framing, large and established financial institutions have decades of experience safeguarding client assets, and that track record may carry more weight after a security incident involving a crypto-focused company. Balchunas drew a contrast between those mature custodians and a Canadian company with only five employees. His comment points to a possible shift in how some investors judge custody risk after the Coldcard incident, with ETFs potentially benefiting if more market participants place a higher value on long-running institutional asset custody arrangements.