BTC ETFs Surpass $17 Billion, WazirX Hack, and ETH ETFs Launch Date: Weekly Recap

Last week was a whirlwind in the world of cryptocurrency, with significant developments in the market making headlines. From the soaring net inflows of Bitcoin ETFs to the devastating hack on Indian exchange WazirX, the industry saw a mix of highs and lows.

One of the most notable events was the total net inflows for spot Bitcoin ETFs surpassing an impressive $17 billion. This marked a significant milestone for the cryptocurrency market, indicating a growing interest and investment in Bitcoin ETFs. The sustained inflows throughout the week, with a positive netflow of $422.5 million on July 17 alone, demonstrated the continued popularity of these products.

However, the week also saw a major setback with the hack on WazirX, one of India’s leading crypto exchanges. The exploit on July 18 resulted in losses amounting to a staggering $234 million across multiple crypto assets. The perpetrators swiftly exchanged the tokens for Ethereum, implicating North Korea’s Lazarus Group in the attack. WazirX released a statement attributing the hack to a mismatch issue with Liminal, the entity responsible for verifying transactions related to the affected multi-sig wallet. Liminal, however, refuted these claims, adding a layer of complexity to the situation.

In addition to these events, the launch date for spot Ethereum ETFs was eagerly anticipated, with the U.S. SEC reaching out to prospective issuers to submit their final applications. The approval process was expected to be completed by July 22, further fueling excitement around the upcoming ETF products. This news contributed to a 15% increase in Ethereum’s value over the course of two weeks, highlighting the positive impact of ETF launches on cryptocurrency prices.

The global outage caused by CrowdStrike also made waves in the industry, affecting digital systems across various sectors such as travel, banking, and media. This incident prompted discussions about the advantages of decentralized systems, with pro-crypto figures like U.S. Senator Cynthia Lummis emphasizing Bitcoin’s resilience to such outages.

Despite the challenges faced during the week, the crypto industry also saw some positive developments in funding. Several startups secured significant rounds, with Allium leading the way with $16.5 million in Series A funding. Other notable rounds included Haruko with $6 million, FinTech startup PEXX and cloud-providing platform Nirvana Labs each raising $4.5 million, and Bima Labs securing a pre-seed funding of $2.5 million.

Overall, last week was a rollercoaster of events in the cryptocurrency market, showcasing both the opportunities and risks that come with investing in this rapidly evolving industry. As investors and enthusiasts continue to navigate the ever-changing landscape of crypto, staying informed and vigilant remains crucial in ensuring the security and success of their investments.