Bitcoin ETFs Attract Funds as Wallet Hack Raises Risks

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US spot Bitcoin ETFs drew $382 million in two-day inflows, with Galaxy’s Bitcoin ETF returning to gains as the Coldcard incident renewed custody concerns.

US-listed spot Bitcoin exchange-traded funds (ETFs) are attracting fresh capital as a high-profile cryptocurrency custody incident puts renewed focus on digital asset security.

Spot Bitcoin ETFs recorded $211.5 million in net inflows on Tuesday, adding to Monday’s $170 million, according to data from SoSoValue.

The inflows came as the ongoing Coldcard hack drew attention from analysts, with Galaxy Research estimating that the attack may have affected as many as 7,300 addresses and resulted in about $130 million in suspected Bitcoin (BTC) losses from users of the hardware wallet.

The developments have renewed a long-running debate in crypto over whether institutional custody solutions offered through regulated financial products could become more attractive as investors weigh the risks and responsibilities of self-custody.

Galaxy ETF returns to inflows as Bitcoin funds rebound

BlackRock’s iShares Bitcoin Trust (IBIT) led the ETF recovery, recording $111 million in inflows on Monday and $170 million on Tuesday, according to Farside Investors data. Fidelity’s Wise Origin Bitcoin Fund (FBTC) followed, adding about $33 million and roughly $20 million on the respective days.

Invesco Galaxy Bitcoin ETF (BTCO) recorded $6.7 million in inflows on Monday, marking its first positive daily flow since July 1. The inflow represented about 3.9% of BTCO’s cumulative net inflows of $172 million, according to Farside.

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