Web3🌗Wednesday Highlights: Major Market Moves and Notable Crypto Seizures!
1. Bitcoin ETFs experience a staggering $242.6M outflow, the largest since September 3.
2. Australia’s ‘Operation Kraken’ has seized $6.4 million in crypto tied to organized crime.
3. Justin Sun bags $8.75 million from EigenLayer’s airdrop, according to Arkham.
4. The Fidelity Ethereum ETF hits a record for daily outflows since its launch.
Stay tuned for more insights!✨
Welcome to your midweek Web3 news roundup! As we dive into the latest happenings in the cryptocurrency and decentralized finance space, several noteworthy events have unfolded. From significant outflows in Bitcoin ETFs to Australia's crackdown on crypto-linked crime, these developments could have lasting impacts on the market. Not to mention, Justin Sun's recent windfall and Fidelity's record-setting Ethereum ETF outflows are also making waves. Let’s unpack these stories and explore what they mean for the future of Web3!
1. Bitcoin ETFs experience a staggering $242.6M outflow, the largest since September 3.
Bitcoin exchange-traded funds (ETFs) in the U.S. saw a significant outflow of $242.6 million, ending an eight-day inflow streak as Bitcoin (BTC) dropped 6%. The decline followed heightened tensions in the Middle East, where Iran launched missiles at Israel amid ongoing conflict. Bitcoin fell to $60,300, erasing nearly all gains since the U.S. Federal Reserve's recent interest-rate cut. The cryptocurrency has lost 2.6% since the start of October, a traditionally strong month for BTC. Ethereum ETFs also faced a tough day, with outflows of $48.5 million, marking their worst performance since late September.
Jamie Crawley
2. Australia’s ‘Operation Kraken’ has seized $6.4 million in crypto tied to organized crime.
Australian authorities have seized $6.4 million in cryptocurrency as part of "Operation Kraken," targeting Jay Je Yoon Jung, the alleged mastermind behind Ghost, an encrypted app used by organized crime. The Australian Federal Police cracked the seed phrase of digital wallets found during a raid, allowing the transfer of funds into secure storage under the Proceeds of Crime Act. The operation, which has led to 46 arrests and multiple asset seizures, aims to dismantle criminal networks by confiscating illicit wealth. Authorities are expected to seek the permanent forfeiture of the crypto to disrupt further criminal activities.
Sebastian Sinclair
3. Justin Sun bags $8.75 million from EigenLayer’s airdrop, according to Arkham.
EigenLayer's native token, EIGEN, launched successfully, reaching a high of $4.53 and a market cap of $742M. The Ethereum-based restaking protocol has become a top decentralized finance (DeFi) player, allowing users to maximize yield by staking already-staked tokens on various decentralized apps. Justin Sun, founder of TRON, received an $8.75M airdrop, which he quickly moved to HTX. Despite early challenges, EigenLayer has secured over $170M in funding and attracted $11B in total value locked. The token is now available on major exchanges like Binance and Uniswap.
José Oramas
4. The Fidelity Ethereum ETF hits a record for daily outflows since its launch.
On October 1, the Fidelity Ethereum Fund (FETH) recorded unprecedented outflows of $25 million, the highest daily withdrawal among U.S.-based Ether ETFs, excluding Grayscale. Overall, spot Ether ETFs experienced total outflows of $48.6 million across nine issuers, with Grayscale's Ether Trust still holding the record for daily outflows. Despite the pressure on the ETH ETF market, FETH remains the second-highest in total investments at $453.5 million, while BlackRock's iShares Ethereum Trust leads with over $1.14 billion. This trend mirrors a similar situation in the Bitcoin ETF market, which saw significant outflows on the same day.
Arijit Sarkar
As we wrap up this edition of Web3 news, it's clear that the landscape is continually evolving, with significant events shaping the future of cryptocurrency and decentralized finance. The massive outflows from Bitcoin ETFs, coupled with Australia’s bold actions against crypto crime, highlight the market's volatility and the increasing scrutiny facing the industry. Meanwhile, Justin Sun's recent success and Fidelity's record outflows signal shifting dynamics in investor sentiment. Stay tuned as we monitor these developments and their implications for the broader crypto ecosystem. Don't forget to subscribe for more insights and updates in the world of Web3!
