Crypto Market Sees Divergent Trends: Ethereum Bought on Dip Amid Outflows, While XRP Faces Major Hack
Crypto Market Sees Divergent Trends: Ethereum Bought on Dip Amid Outflows, While XRP Faces Major Hack
The crypto market presented a mixed picture this week. Despite significant global crypto ETP outflows totaling $513 million, primarily focused on Bitcoin, Ethereum investors capitalized on price weakness by buying the dip. Concurrently, the sector was hit by a major security incident, with hackers siphoning over $3 million in XRP from a U.S. user's wallet, routing the stolen funds through various channels.
Ethereum Investors Buy the Dip Amid Broader Outflows
According to CoinShares, global crypto ETPs experienced $513 million in weekly outflows. Bitcoin was identified as the primary focus of these outflows, indicating a period of divestment for the leading cryptocurrency. However, Head of Research James Butterfill noted that investors viewed Ethereum's price weakness as an opportunity to buy, suggesting a resilient demand for ETH despite the broader market's negative sentiment towards ETPs and significant capital flight from other assets.
XRP Stolen in $3 Million Wallet Hack
On the security front, blockchain sleuth ZachXBT reported a significant hack where attackers stole approximately $3.05 million worth of XRP from a U.S. user's wallet. The stolen funds were subsequently routed through various bridges and over-the-counter (OTC) channels, including those tied to Huione. This incident highlights persistent security vulnerabilities in the digital asset space and serves as a stark reminder for users to maintain robust security practices for their holdings.