Bloomberg analysts say the Coldcard hacking incident may signal a turning point for the BTC market

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

Eric Balchunas added that while a causal relationship cannot be fully confirmed, the strong correlation between fund flows and the timing of events is "hard to ignore." If it is ultimately proven that the Coldcard incident becomes the starting point for the next Bitcoin rally, it would be somewhat ironic—because attacks on Bitcoin cold storage wallets are typically viewed as one of the worst security incidents, yet market sentiment may shift as a result. Recent ETF fund inflows indicate that institutional investors' demand for Bitcoin allocation is recovering, and the market is reassessing the impact of previous security incidents.