US spot Bitcoin exchange-traded funds (ETFs) recorded their strongest weekly performance since April, attracting approximately $1 billion in net inflows as institutional demand for Bitcoin showed signs of renewed momentum.
According to Bloomberg ETF analyst Eric Balchunas, the weekly inflows represented the third-strongest performance since October, highlighting a significant recovery after months of uneven ETF flows.
The rebound comes amid continued uncertainty surrounding cryptocurrency regulation and growing concerns over the security of self-custody following a major incident involving Coldcard, a Bitcoin hardware wallet developed by Coinkite.
The recent ETF performance has renewed attention on the changing ownership structure of Bitcoin. Investor Jordi Visser previously described the shift as Bitcoin’s “silent IPO,” referring to a trend in which early Bitcoin holders sell into growing demand from institutional investors through ETFs.
ETF demand had weakened compared with earlier periods of strong inflows, making the latest $1 billion weekly inflow particularly notable.
The renewed interest in spot Bitcoin ETFs also follows a security incident involving Coldcard that reportedly resulted in approximately $116 million worth of Bitcoin being stolen.
The attack was linked to a vulnerability affecting how certain devices generated wallet keys, potentially allowing attackers to compromise funds held in wallets created using vulnerable firmware.
Balchunas suggested that the incident could eventually encourage some investors to consider spot Bitcoin ETFs instead of managing their Bitcoin through self-custody solutions.
However, he acknowledged that there is currently no definitive evidence that the Coldcard incident directly caused the recent surge in ETF inflows.
The latest figures nevertheless point to a renewed appetite for regulated Bitcoin investment products among US investors, potentially signaling a stronger second half of the year for institutional Bitcoin demand.
