Bitcoin ETFs Record Best Week Since April With $1 Billion Inflows

Demand for US spot Bitcoin exchange-traded funds (ETFs) strengthened sharply this week, pointing to renewed investor interest after several months of inconsistent flows. On Saturday, Bloomberg ETF analyst Eric Balchunas said the funds recorded roughly $1 billion in net inflows for the week, marking their strongest performance since April and their third-best week since last October, a period he described as Bitcoin’s “silent IPO.”

The phrase was popularized by investor Jordi Visser in November to describe a shift in Bitcoin ownership. Under that view, early holders were selling into growing demand from ETFs and other institutional investors, creating enough supply to keep prices relatively subdued despite substantial new capital entering the market. That period also coincided with weaker ETF flows compared with earlier phases of stronger demand, making the latest rebound particularly significant.

“Silent IPO” narrative returns to focus

The idea behind Bitcoin’s “silent IPO” suggests that ownership is gradually moving from early investors toward institutional buyers. As long-term holders distribute coins into rising ETF demand, the market can absorb significant capital without necessarily producing an immediate surge in Bitcoin’s price. The recent rebound in ETF inflows may indicate that institutional demand is strengthening again after a period of weaker activity.

Coldcard hack highlights self-custody risks

The ETF recovery also follows a major security incident involving Coldcard, a widely used Bitcoin hardware wallet developed by Coinkite. Around $116 million worth of Bitcoin was reportedly stolen after attackers exploited a vulnerability linked to how affected devices generated wallet keys, allowing them to compromise wallets created with vulnerable firmware.

On Friday, Balchunas suggested the incident could eventually increase the appeal of spot Bitcoin ETFs among investors who are uncomfortable managing the technical and security responsibilities of self-custody. While he acknowledged that the timing does not prove the hack directly caused the ETF inflows, Balchunas said, “long-term I can’t imagine there aren’t some who migrate over,” referring to investors potentially moving from cold-storage wallets into regulated ETF products.

Sources:

https://cointelegraph.com/news/us-bitcoin-etfs-best-weekly-inflows-april-coldcard-hack

https://x.com/EricBalchunas/status/2086063650343673909