The $130 million Coldcard exploit is rewriting the crypto custody playbook in real time, with $626 million in spot Bitcoin ETF inflows flooding in since the hack went public. Hardware wallets were supposed to be the gold standard for self-custody — now investors are re-evaluating that assumption, with 210,000 BTC moving out of old wallets this week in what analysts call a custody migration rather than a sell-off.

On-Chain Data

• $4.17 million in BTC and **$200...