$1.1 billion in net inflows reached $BTC and $ETH exchange-traded funds last week, the strongest weekly total since April, Bloomberg data showed. Volume stayed depressed throughout the run. Bloomberg analyst Eric Balchunas connected the inflow streak to the Coldcard wallet exploit, citing daily inflows into several Bitcoin funds in every session since the breach.
The Coldcard catalyst
Balchunas tied the sustained cadence directly to the security event, noting that several Bitcoin ETFs recorded positive flows on each trading day following the hack. The daily consistency across multiple products over a multi-session stretch is what he flagged as the signal behind the weekly headline. The $1.1 billion total spans both $BTC and $ETH ETFs; no per-product breakdown was reported.
The Coldcard framing separates this inflow week from a standard macro or momentum bid. The money appears to come from holders already in the asset class, repositioning custody arrangements in response to a security event. A new cohort of buyers typically arrives with volume; this week's tape didn't offer that corroboration.
Volume as the countervailing signal
This is where the derivatives desk gets skeptical. A $1.1 billion inflow week absent volume confirmation is a different animal than one with a full tape behind it. Open interest in perpetuals and funding rates on the major venues would reflect genuine new demand at this scale. Neither figure was reported alongside the inflow data. A large weekly print on thin volume reads as repositioning within the existing holder base rather than a fresh directional bid. The correct posture: wait for volume to confirm before treating $1.1 billion as a statement of new conviction.
Balchunas's data and its limits
Balchunas offered no run-rate estimate and no projection for the weeks ahead. The $1.1 billion stands as a reported weekly figure. The controlling variable in his analysis: daily Bitcoin ETF inflows starting at the Coldcard hack and continuing through week's end, a streak that drove the period to its best inflow total since April.