Bitcoin and Ethereum ETFs had net inflows of $1.1 billion last week, their best weekly performance s

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Bitcoin and Ethereum News

On July 30, one week after the Coldcard hardware wallet vulnerability was exposed, the incident was confirmed to have resulted in the theft of at least $111 million. Meanwhile, U.S. spot bitcoin exchange-traded funds (ETFs) recorded their strongest weekly inflows since April. Whether the two events are related was the question raised by Bloomberg ETF analyst Eric Balchunas in an August 8 X platform post. He pointed out that BlackRock's IBIT, Fidelity's FBTC and several other spot bitcoin funds have recorded daily inflows since the vulnerability was made public. "It's hard not to view this correlation as causality," he wrote, while acknowledging that the link has not yet been confirmed.

Bitcoin ETF inflows of US$853 million, BlackRock leads the way

In the five trading days ending August 8, the spot Bitcoin ETF attracted a total of US$853.5 million in capital inflows. This was the largest weekly total for the category since the week of April 17, when it recorded $996.4 million. Among them, Wednesday performed the strongest with a one-day inflow of $244.4 million, followed by Tuesday ($211.5 million), Thursday ($128.7 million) and Friday ($98.9 million). BlackRock's IBIT fund contributed $693.7 million, accounting for more than 80% of total Bitcoin ETF inflows that week. Fidelity's FBTC increased by $116.4 million, or about 13%. Together, the two funds have driven nearly all of the performance in the category. In terms of trading volume, there are different trends. Bitcoin ETF's total trading volume for the week was $8.19 billion, down 9% from the previous week's $9.02 billion. This was the second-lowest full trading week in the category since October 2024, only higher than the week of July 24 ($8.05 billion).

Galaxy Research estimates that the total damage caused by the Coldcard vulnerability may exceed US$130 million. OKX said the incident brought record inflows of funds to centralized exchanges. Research firm K33 estimates that in the seven days after the vulnerability was disclosed, about 890,000 bitcoins were transferred on the chain, setting a single-week record since 2026. Balchunas believes the hack may prompt some investors to switch from cold storage to regulated products. "In the long term, it's hard to imagine that some investors won't migrate," he wrote, referring to the possibility of investors switching from cold storage to ETFs.

Ethereum Fund achieved positive inflows for the fifth consecutive week

If the explanation of Coldcard vulnerability is applied to Ethereum, it will be difficult to establish. The vulnerability only affects some Bitcoin hardware wallets, and Ethereum holders are not affected at all. However, in the same five trading days, the spot Ethereum ETF recorded inflows of US$244.9 million, also its best performance since April 17. The inflow of funds to the Ethereum ETF began on August 3, days after the Coldcard vulnerability was first reported. Another macro catalyst may explain some demand: U.S. non-farm payrolls fell by 23,000 on August 8, compared with an expected increase of 80,000. The result led traders to rule out a September rate hike. Bitcoin hit an August high that day, breaking through US$65300. The two trading days after the release of non-agricultural data were the two days with the weakest capital inflows among the five days.

The strongest single day for the Ethereum ETF was Thursday, recording an inflow of US$92.2 million. Monday's $11.4 million outflow was the only negative day in the five days. As of August 8, these funds held net assets of US$10.74 billion, while cumulative net inflows were US$11.46 billion, with a market value gap of approximately US$711 million. The gap has narrowed from approximately US$2 billion in mid-June 2026. CryptoQuant separately reported that whale wallet holdings holding 10,000 to 100,000 Ethereum units reached a record of 19.6 million units, up from approximately 14 million units in mid-2025.

Despite this week's strong performance, net outflows from Bitcoin ETF since January 1 are still approximately US$4.44 billion, while the Ethereum ETF has a year-to-date net outflow of approximately US$873 million.