Galaxy Research, the research arm of crypto investment company Galaxy Digital, has emerged as one of the most prominent sources tracking the Coldcard incident.
Alex Thorn, Galaxy Digital’s head of firmwide research, and his team have regularly published estimates on affected addresses and potential losses linked to the incident
Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, said the Coldcard hack could encourage greater migration toward Bitcoin ETFs, as investors reconsider the role of institutional custody. In a post on Tuesday, Balchunas said ETFs’ reliance on traditional financial institutions to safeguard assets could increasingly be seen as an advantage. He wrote that what was once considered a “bug” by some crypto users may “all the sudden seem like a feature” as investors compare institutional custodians with smaller crypto companies.
Related: Boltz pauses service after wave of AI-assisted hacking attempts Separately, Balchunas also pointed to broader changes in the ETF market, including the closure of Hashdex’s spot Bitcoin ETF and BlackRock’s planned reverse split for its Ethereum ETF. Bitcoin remained relatively stable as traders assessed the Coldcard incident and other sources of selling pressure, including the latest 1,638 BTC sale by Michael Saylor’s Strategy. At publishing time, BTC traded at $64,113, down around 0.8% over the past seven days, according to CoinGecko.