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Key Takeaways
- US spot Bitcoin ETFs have logged four straight positive sessions, but there is no evidence linking those inflows to Coldcard users.
- Bitcoin ETFs shift key management to brokers, funds and institutional custodians.
- FDIC and SIPC protections do not insure the Bitcoin held inside a spot Bitcoin product.
- Long-term-holder supply fell by roughly 210,000 BTC, but the data cannot show where those coins moved or why.
For Coldcard users, the problem was not simply that funds had been stolen. The weakness affected the process used to create the recovery phrases protecting those funds.
Our initial July 31 report covered a warning from Coldcard maker Coinkite after hundreds of Bitcoin addresses were swept and the company identified a weakness in how some devices generated recovery phrases.
The problem was unusually serious because the hardware wallet itself did not need to be hacked. If a recovery phrase had been created with insufficient randomness, an attacker ...
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