From Security Crisis to Market Catalyst, Bloomberg Analyst Says Coldcard Hack Could Be BTC Market Turning Point Signal

TechFlow reports that on August 8, Bloomberg senior ETF analyst Eric Balchunas posted on platform X stating that spot Bitcoin ETFs recently recorded the strongest week of inflows since April this year, with a weekly net inflow volume of approximately $1 billion, marking the third-best performance since the "Silent IPO" incident last October. Multiple products, including BlackRock's Bitcoin ETF iShares Bitcoin Trust ETF (IBIT) and Fidelity's Fidelity Wise Origin Bitcoin Fund (FBTC), have received inflows for consecutive trading days since the Coldcard wallet incident occurred.

Eric Balchunas added that although a causal relationship cannot be fully confirmed, the high correlation between fund flows and the timing of the event is "hard to ignore." If the Coldcard incident ultimately proves to be the starting point for Bitcoin's next upward trend, it would be somewhat ironic—because attacks on Bitcoin cold storage wallets are usually regarded as one of the worst security incidents, but market sentiment may instead shift because of this. Recent continuous ETF fund inflows indicate that institutional investors' demand for Bitcoin allocation is recovering, and the market is re-evaluating the impact of previous security incidents.