Bloomberg Analyst Says Coldcard Hacking Incident May Signal a Turning Point for the BTC Market

According to Twitter, Bloomberg's senior ETF analyst Eric Balchunas posted an article on the X platform that Bitcoin spot ETF recently recorded the strongest capital inflow week since April this year, with a net weekly inflow of about 1 billion US dollars. It is the third best performance since the “Silent IPO” incident in October last year. BlackRock's Bitcoin ETF iShares Bitcoin Trust ETF (IBIT) and Fidelity Wise by Fidelity by Fidelity Wise Many products, such as Origin Bitcoin Fund (FBTC), have received capital inflows for several consecutive trading days since the Coldcard wallet incident occurred.

Eric Balchunas added that although the causal relationship cannot be fully confirmed, the high correlation between the flow of funds and the timing of the incident is “difficult to ignore”, and it would be ironic if it were to finally prove that the Coldcard incident became the starting point for the next round of Bitcoin's upward market — because the attack on the Bitcoin cold storage wallet is generally regarded as one of the worst security incidents, but market sentiment may have changed as a result. The recent continued return of ETF funds indicates that institutional investors' demand for Bitcoin allocations is recovering, and the market is re-evaluating the impact of previous security incidents.

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