Bloomberg analyst suggests Coldcard hack may signal a BTC market turnaround

ChainCatcher reports that Eric Balchunas, Senior ETF Analyst at Bloomberg, posted on X that Bitcoin spot ETFs recently recorded their strongest weekly inflows since April this year, with net inflows of approximately $1 billion—the third-best performance since the "Silent IPO" event in October last year. Multiple ETFs, including BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Fidelity Wise Origin Bitcoin Fund (FBTC), have seen continuous inflows over several trading days following the Coldcard wallet incident. Eric Balchunas added that while a direct causal link cannot be confirmed, the strong temporal correlation between the inflows and the event is “hard to ignore.” If the Coldcard incident ultimately proves to be the starting point of Bitcoin’s next rally, it would be somewhat ironic—since attacks on Bitcoin cold storage wallets are typically regarded as among the worst security events, yet market sentiment may have shifted in response. The recent sustained inflows into ETFs indicate that institutional demand for Bitcoin exposure is rebounding, as the market reassesses the impact of prior security incidents.