U.S. spot bitcoin ETFs have recorded inflows on each trading day since a Coldcard wallet hack, bringing in about $620 million, DigitalToday reporter Chi-gyu Hwang (황치규) reported. Cointelegraph reported on Aug. 6 that the timing has led some investors to speculate that money is moving from self-custody to regulated investment products.

Bloomberg senior ETF analyst Eric Balchunas said BlackRock iShares Bitcoin Trust, Fidelity Wise Origin Bitcoin Fund, Bitwise Bitcoin ETF, Ark 21Shares Bitcoin ETF and Defiance Daily Target 2X Long MSTR ETF posted net inflows on every trading day after the hack.

TRM Labs said bitcoin worth more than $116 million was drained from more than 5,200 wallet addresses in the hack. The incident appears to be reigniting concerns that hardware wallet users can also be exposed to firmware flaws and software vulnerabilities. It has also brought renewed attention to the operational risks of self-custody, in which users manage their own private keys.

It has not been confirmed whether the ETF inflows were a direct result of the hack. Balchunas wrote on social media platform X, formerly known as Twitter, that he was not saying the two were connected and that it was not yet known. He added that, in the long run, some investors may move.