Demand for US spot Bitcoin exchange-traded funds (ETFs) accelerated sharply over the past week, according to Bloomberg ETF analyst Eric Balchunas. The renewed inflow momentum arrives after months of uneven participation, rekindling a key question for market watchers: whether institutional appetite is broadening again—or whether this is a temporary swing in investor behavior.

At the same time, the discussion around custody remains unsettled after a high-profile Coldcard hardware wallet incident in which attackers reportedly stole about $116 million in Bitcoin. The security breach has renewed attention on the trade-offs between self-custody and regulated products like spot ETFs.

Key takeaways

• Bloomberg’s Eric Balchunas said spot Bitcoin ETFs drew about $1 billion in net inflows for the week, the strongest since April.
• Balchunas described the rebound as the third-best weekly performance since last October—an era he called Bitcoin’s “silent IPO.”
• A Coldcard security exploit linked to vulnerable firmware has put self-custody concerns back in focus.
• Balchunas suggested the hack could help drive some investors toward spot ETFs, though he cautioned that the link is not proven.

Spot Bitcoin ETF inflows rebound after a patchy stretch

Balchunas posted that US spot Bitcoin ETFs took in roughly $1 billion in net inflows over the week ending Saturday. He said the result was the strongest weekly showing since April and ranked as the third-best week since last October, when he referred to Bitcoin’s “silent IPO.”

The “silent IPO” framing comes from investor Jordi Visser, who popularized the idea in November. In Visser’s view, early Bitcoin holders were gradually selling into expanding demand from ETFs and other institutional channels. The effect, under the theory, was enough additional supply to keep Bitcoin comparatively constrained even as new capital continued to enter via regulated vehicles.

That context matters for interpreting this week’s improvement. The source notes that ETF flows had deteriorated in earlier periods of stronger demand, making the recent rebound more noticeable. For traders and portfolio managers, consistent ETF inflows tend to be easier to track and model than broader, decentralized participation, so a return to stronger weekly demand can quickly change sentiment around the near-term positioning of institutions.

Coldcard hack refreshes the custody debate

The ETF story is unfolding alongside a major security incident involving Coldcard, a Bitcoin hardware wallet developed by Coinkite. The exploit reportedly resulted in about $116 million worth of Bitcoin being stolen, with the attack tied to a flaw in how affected devices generated wallet keys. According to the earlier coverage referenced in the source, attackers were able to compromise funds held in wallets created using vulnerable firmware.

On Friday, Balchunas argued that the Coldcard incident could ultimately strengthen the case for spot Bitcoin ETFs—particularly for investors who prefer not to manage the technical responsibilities that come with self-custody. He pointed to the observed surge in ETF inflows following the hack as a possible connection.

In his comments, Balchunas explicitly acknowledged the limitations of drawing conclusions from timing alone. “Correlation does not imply causation,” he said, but added that, over the long term, he can’t imagine there aren’t some investors who migrate from cold storage to ETFs.

For market participants, this is a meaningful mechanism to watch: a single security incident can influence risk perception across the broader custody ecosystem. Even when the affected devices are limited to specific conditions, the reputational impact can push some users toward a custody model backed by regulated intermediaries—especially those evaluating whether the operational burden of holding Bitcoin directly is worth the benefits.

What to watch next: whether inflows persist and custody concerns evolve

Even with this week’s strong ETF numbers, the key question is durability. Balchunas’ “silent IPO” concept suggests that ETF demand and investor selling behavior can interact in ways that keep price action subdued relative to capital inflows. The rebound in net flows therefore doesn’t automatically resolve the larger balance between new institutional purchases and supply from earlier holders—but it does reintroduce a tailwind to demand that was less pronounced in earlier weeks.

Separately, the Coldcard episode raises a second uncertainty: whether the custody shift Balchunas hinted at becomes visible in sustained ETF inflow patterns, or remains anecdotal. Investors watching the next cycle of weekly flows may want to compare whether inflows continue to strengthen over multiple reporting periods, and whether risk communication around hardware wallets changes in response to the incident.

Until regulators clarify broader standards and until the market sees how persistent the post-hack behavior proves to be, the combination of improving ETF demand and renewed custody concerns will likely remain a central driver of how Bitcoin’s institutional narrative develops.

Going forward, readers should track whether the next several weeks of spot Bitcoin ETF flows match this week’s strength—and whether custody-related headlines translate into measurable, sustained shifts in investor allocation between self-custody and regulated products.

Russian consumers’ demand for hardware crypto wallets more than doubled in the first half of 2026, according to data from two major retailers, as the country prepares to introduce new crypto rules.

Retailer M.Video said unit sales on its marketplace rose 107% in the second quarter from the first quarter, while sales by value increased 92%. The retailer did not disclose the number of devices sold.

Wildberries, another Russian retailer, also recorded higher demand. Unit sales rose 84% in the first half from a year earlier, RIA Novosti reported, citing RWB, the marketplace’s parent company. Sales value increased 60% over the period.

The comparisons cover different periods: M.Video measured Q2 against Q1, while Wildberries compared H1 with the same period of 2025. Neither company released unit totals.

Hardware wallets keep the private keys needed to control crypto on a dedicated device, instead of an internet-connected service, helping reduce exposure risk.

Russian law does not ban non-custodial wallets or treat them as illegal, lawyers told RBC. It does, however, bar withdrawals from Russian digital depositories to personal wallets, though a transition period runs until July 1, 2027.

Demand for US spot Bitcoin exchange-traded funds (ETFs) surged this week, according to Bloomberg ETF analyst Eric Balchunas, reviving a narrative that had gone quiet after months of more inconsistent buying. At the same time, a recent security incident tied to Coldcard has put crypto self-custody back under the spotlight—an issue that some ETF investors may be weighing more carefully.

Balchunas said Saturday that the spot Bitcoin ETFs pulled in roughly $1 billion in net inflows for the week. He described it as the funds’ strongest performance since April and the third-best week since last October, when he referred to the phenomenon as Bitcoin’s “silent IPO.”

Key takeaways

• Bloomberg ETF analyst Eric Balchunas reports about $1 billion in weekly net inflows for US spot Bitcoin ETFs, the strongest since April.
• Balchunas framed the earlier October period as Bitcoin’s “silent IPO,” suggesting ETFs can pull in institutional-style demand without obvious market fanfare.
• A widely discussed Coldcard hardware wallet hack—connected to about $116 million stolen—has reignited concerns around the security burdens of self-custody.
• Balchunas said the hack could support the case for spot ETFs among investors wary of technical custody responsibilities, though he stressed the link is not proven.

Spot ETF inflows rebound after a softer stretch

The renewed buying matters because it helps clarify what has been happening beneath the surface of Bitcoin’s price action. Even when new capital enters through ETFs, the relationship to spot market momentum can be muted if supply is being sold off concurrently—something that investors have been trying to explain over recent months.

Balchunas tied this week’s momentum to the contrast with prior periods. In his view, earlier demand dynamics contributed to a broader “changing of the guard,” where earlier Bitcoin holders increasingly monetized positions as ETF and other institutional inflows grew. He linked this to the term popularized by investor Jordi Visser in November: Bitcoin’s “silent IPO.”

The phrase captures an idea that the ETF ramp behaves less like a noisy retail mania and more like a steady institutional distribution channel—keeping Bitcoin from reacting dramatically while significant flows accumulate.

In that context, the standout feature of this week is not simply that inflows turned positive, but that they represent the strongest showing since April and rank among the best weekly results since last October. That suggests the ETF pipeline is capable of re-accelerating, even if the broader period has been uneven.

Coldcard hack revives the self-custody debate

While ETF flows grabbed attention, the week’s backdrop included a major security incident involving Coldcard, a Bitcoin hardware wallet from Coinkite. The exploit is reported to have led to the theft of roughly $116 million worth of Bitcoin, according to prior reporting that connected the theft to a vulnerability in how affected devices generated wallet keys. Attackers allegedly compromised funds by targeting wallets created using vulnerable firmware.

On Friday, Balchunas suggested the aftermath could influence investor behavior. In a discussion carried in a separate report, he argued that the security and technical responsibilities of self-custody may push some investors toward spot Bitcoin ETFs, particularly those who prefer to outsource custody and operational risk to traditional market structures.

Crucially, Balchunas framed the potential connection as speculative. He acknowledged that correlation does not prove causation. Still, he said, “long-term I can’t imagine there aren’t some who migrate over,” implying that even partial behavioral shifts—if they occur—could show up in ETF demand over time.

What investors should watch: flows, behavior, and persistence

This is where the story becomes more than a one-week data point. ETF inflows are typically driven by a mix of institutional allocation patterns, advisor workflows, and broader risk appetite. A temporary rebound can happen without signaling a structural turn. However, Balchunas’s framing of both the “silent IPO” period and the current resurgence suggests he believes the market is cycling between phases of strong demand and quieter distribution.

For traders and long-term allocators, the practical question is whether this week’s improvement marks a continuation or a rebound followed by another slowdown. The “strongest since April” and “third-best week since last October” descriptors indicate a meaningful spike relative to recent history, but the durability of that spike will depend on whether ongoing capital inflow stays steady.

Meanwhile, the Coldcard incident adds a different kind of variable: perceived operational risk. Hardware wallets are widely used precisely because they reduce exposure to exchange custody failures, but high-profile vulnerabilities can change how comfortable some investors feel handling keys themselves. Balchunas’s argument is that—over time—investors uncomfortable with custody mechanics may consider ETFs a simpler alternative.

Yet, it’s also possible that self-custody concerns are already priced into broader behavior, meaning the effect on ETF demand may be gradual rather than immediate. That makes future inflow trends the key test: if inflows keep outperforming earlier weeks consistently, the market impact of custody-related security narratives could become clearer.

Read together, the two threads—ETF demand rebounding and custody concerns resurfacing—underline a single theme: Bitcoin’s access channels are still evolving. Spot ETFs offer a regulated wrapper, while self-custody remains the route for those who want direct key control. The next phase will likely hinge on how quickly investors shift between those modes and whether ETF inflows sustain at elevated levels beyond this week.

Demand for US spot Bitcoin exchange-traded funds (ETFs) rebounded sharply this week, signaling renewed investor appetite after months of uneven flows, even as uncertainty persists around digital asset regulation and the security of crypto self-custody.

On Saturday, Bloomberg ETF analyst Eric Balchunas said the spot funds attracted roughly $1 billion in net inflows for the week, their strongest showing since April and third-best week since last October — a period he referred to as Bitcoin’s “silent IPO.”

Source: Eric Balchunas

The term was popularized by investor Jordi Visser in November to describe what he viewed as a changing of the guard among Bitcoin holders. Under the theory, early investors were selling into growing demand from ETFs and other institutional buyers, creating enough supply to keep Bitcoin subdued despite substantial new capital entering the market.

That distribution coincided with a deterioration in ETF flows compared with earlier periods of stronger demand, making this week’s rebound particularly notable.

Related: Bitcoin miners’ AI pivot loses Wall Street’s wow factor

Coldcard hack puts self-custody in focus

The rebound has also followed a major security incident involving Coldcard, a popular Bitcoin hardware wallet developed by Coinkite, that resulted in roughly $116 million worth of Bitcoin being stolen. The exploit was linked to a flaw in how affected devices generated wallet keys, allowing attackers to compromise funds held in wallets created using vulnerable firmware.

On Friday, Balchunas suggested the incident could ultimately strengthen the appeal of spot Bitcoin ETFs among investors who are uncomfortable with the technical and security responsibilities associated with self-custody. He pointed to the surge in ETF inflows following the hack as a potential, though unproven, link.

While acknowledging that correlation does not imply causation, Balchunas said, “long-term I can’t imagine there aren’t some who migrate over,” referring to investors potentially shifting from cold storage to ETFs.

Magazine: Do the Coldcard attacks mean all hardware wallets are now insecure?

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Demand for US spot Bitcoin exchange-traded funds (ETFs) rebounded sharply this week, signaling renewed investor appetite after months of uneven flows, even as uncertainty persists around digital asset regulation and the security of crypto self-custody.

On Saturday, Bloomberg ETF analyst Eric Balchunas said the spot funds attracted roughly $1 billion in net inflows for the week, their strongest showing since April and third-best week since last October — a period he referred to as Bitcoin’s “silent IPO.”

Source: Eric Balchunas

The term was popularized by investor Jordi Visser in November to describe what he viewed as a changing of the guard among Bitcoin holders. Under the theory, early investors were selling into growing demand from ETFs and other institutional buyers, creating enough supply to keep Bitcoin subdued despite substantial new capital entering the market.

That distribution coincided with a deterioration in ETF flows compared with earlier periods of stronger demand, making this week’s rebound particularly notable.

Related: Bitcoin miners’ AI pivot loses Wall Street’s wow factor

Coldcard hack puts self-custody in focus

The rebound has also followed a major security incident involving Coldcard, a popular Bitcoin hardware wallet developed by Coinkite, that resulted in roughly $116 million worth of Bitcoin being stolen. The exploit was linked to a flaw in how affected devices generated wallet keys, allowing attackers to compromise funds held in wallets created using vulnerable firmware.

On Friday, Balchunas suggested the incident could ultimately strengthen the appeal of spot Bitcoin ETFs among investors who are uncomfortable with the technical and security responsibilities associated with self-custody. He pointed to the surge in ETF inflows following the hack as a potential, though unproven, link.

While acknowledging that correlation does not imply causation, Balchunas said, “long-term I can’t imagine there aren’t some who migrate over,” referring to investors potentially shifting from cold storage to ETFs.

Magazine: Do the Coldcard attacks mean all hardware wallets are now insecure?

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

US Senate Majority Leader John Thune has filed cloture on a motion to bring the Digital Asset Market Clarity Act—commonly referred to as the CLARITY Act—to the Senate floor, setting up a procedural vote that is expected after the chamber reconvenes. The move is intended to restart momentum for one of the most closely watched pieces of pending US crypto legislation and could shape how lawmakers debate digital asset regulation in the coming months.

According to the Senate Daily Press, Thune’s filing follows failed efforts to reach a deal ahead of the August recess. The Senate is expected to reconvene on Sept. 15, giving negotiators additional weeks to resolve open disputes before the Senate votes on whether to advance the bill for consideration.

Key takeaways

• Thune filed cloture on the motion to take up the CLARITY Act, with a procedural vote expected after the Senate returns on Sept. 15.
• Cloture requires 60 votes, meaning Republicans likely need at least some Democratic support to clear the procedural hurdle.
• The cloture vote is about advancing the bill for consideration, not about final passage of the CLARITY Act.
• Negotiations have stalled over ethics provisions and rules tied to stablecoin rewards, among other issues.
• Lawmakers have reportedly explored a bipartisan ethics addendum linked to the president’s crypto-related financial interests.

A procedural step toward Senate debate

The Senate Daily Press confirmed that Thune filed cloture, a mechanism that sets up a vote to end debate and allow the Senate to move toward taking up legislation. Because cloture requires 60 votes, the outcome will serve as an early test of whether the CLARITY Act can attract cross-party backing beyond its Republican sponsors.

Even if the procedural vote succeeds, it would not mean the bill is guaranteed to pass. As the filing’s purpose indicates, cloture addresses whether the Senate will consider the legislation, rather than whether it will ultimately approve it.

What the CLARITY Act would change

The CLARITY Act is widely regarded as a landmark framework for US crypto regulation. If enacted, it would aim to establish a federal market structure for digital assets and clarify how US federal oversight should apply across different categories of tokens.

In particular, the bill is intended to delineate when crypto assets are treated as securities versus when they are treated as commodities, along with clarifying the respective roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). For market participants, that distinction matters because securities and commodities oversight can lead to very different compliance expectations, enforcement priorities, and product approvals.

Why negotiations stalled before the August recess

While the Senate has the CLARITY Act on its agenda, the effort to bring it to the floor has been complicated by policy disagreements. The most prominent sticking point has involved ethics provisions designed to restrict government officials and their families from issuing or profiting from digital assets while in office.

Separate from the ethics debate, negotiations have also reportedly been complicated by disagreements over rules governing stablecoin rewards. Those disputes have helped explain why lawmakers were unable to finalize a package before the August recess and instead pushed unresolved issues into the post-recess window.

Thune’s cloture filing suggests Senate leaders believe the bill can move forward procedurally even as some substantive disagreements remain—at least long enough for lawmakers to debate the remaining differences on the record.

An ethics addendum aimed at the president’s interests

To address the impasse, lawmakers have reportedly worked on a bipartisan ethics addendum intended to meet Democratic concerns connected to President Donald Trump’s crypto-related financial interests. Earlier coverage from Cointelegraph noted that negotiations included efforts to shape an addendum that could provide ethics guardrails acceptable to both parties.

According to a report by Bloomberg referenced in that earlier coverage, the proposal would require the president to divest from certain crypto-related businesses. Separately, a post by Eleanor Terrett shared context around the cloture filing, underscoring that the Senate process is advancing again but that major policy questions remain.

For investors and crypto industry participants, the practical importance of these ethics terms is that they can determine whether the bill gains the cross-party support needed to survive procedural hurdles. If ethics provisions remain contentious, the Senate could see additional delays even after cloture is filed.

What to watch next

With the Senate expected to reconvene on Sept. 15, the immediate focus will be whether Republicans can secure the 60 votes necessary for cloture and whether negotiators can narrow remaining disagreements—particularly around ethics and stablecoin reward rules—before any final consideration vote. Even after cloture, the CLARITY Act’s path to passage remains uncertain, so market participants should watch for how the text changes between procedural motion and any subsequent Senate floor action.