New York Stock Exchange Giant Whale Cryptocurrency ETFs Flee in Bulk
Bitcoin Ripple Ethereum “Second Crash” … Rapid Withdrawal of Cryptocurrency ETF Funds from the New York Stock Exchange As
the atmosphere of fear that began with the cryptocurrency exchange hacking spread, the first resistance line of Bitcoin Ripple Ethereum collapsed. The news of a mass exodus from the New York Stock Exchange Blue Whale Cryptocurrency ETF is accelerating the decline of Bitcoin Ripple Ethereum. Meanwhile, amidst a sharp decline in cryptocurrency Ripple, there are reports that it will plunge by more than 50% in the future.
According to the New York Stock Exchange and the virtual currency industry on the 27th, cryptocurrency media outlet AMB Crypto cited cryptocurrency analyst Joao Wedson’s opinion that there is a high possibility that the price of XRP will be adjusted further, and presented three signals suggesting that XRP has reached its market peak.
The first reason for Ripple’s additional plunge presented by cryptocurrency media outlet AMB Crypto is that a large number of bullish positions have been liquidated. Cryptocurrency media outlet AMB Crypto reported that the risk of additional decline has increased as long (buy) positions worth $43 million have been forcibly liquidated. The second reason for Ripple’s additional decline is that investors are selling as XRP buying pressure has plummeted from $5 billion to $1.3 billion. AMB Crypto saw that demand for XRP has sharply decreased with a daily sell-off of $1.4 billion, which could be a signal for an additional decline. The third reason for Ripple’s additional plunge is that the world’s largest exchange Binance has been leading the recent sell-off. XRP could fall another 50% from its current level to $1.10, cryptocurrency media outlet AMB Crypto predicted.
MicroStrategy, a virtual currency leader that had been buying Bitcoin without selling as a New York Stock Exchange-listed company, was forced to sell in large quantities as it could not withstand the liquidity crisis caused by the stock price plunge. With MicroStrategy’s first-ever “mass Bitcoin sell-off,” virtual cryptocurrencies such as Bitcoin, Ripple, and Ethereum were put on alert as the New York Stock Exchange’s cryptocurrency whales “exited en masse.”
According to the New York Stock Exchange, the possibility of a large-scale sale of BTC held by MicroStrategy is being raised as the stock price of MicroStrategy has recently plunged 55% from the 60-month high. Concerns about the company’s long-term holding strategy have increased as Bitcoin (BTC) has plummeted. Citing a report by analysis firm The Kobeissi Letter, CoinGape analyzed that Strategy has been purchasing BTC at an average purchase price of $66,350, and that a large-scale sale is inevitable if the current BTC price falls below this level.
Strategy holds $8.2 billion worth of debt that is scheduled to mature in 2027. It continues to purchase under the assumption that the BTC price will recover in the long term. Despite the fact that BTC has historically plummeted several times, Strategy has never sold and is still maintaining an aggressive buying strategy. However, if the price continues to fall, selling is inevitable. Arthur Hayes, co-founder of BitMEX, predicted that BTC is likely to fall further. However, the current market is centered on institutional investors, unlike in the past, and institutional buying continues, such as the announcement of Rezolve AI’s $1 billion BTC investment plan. The decline in
Bitcoin came amid a broad selloff in the virtual asset market. This is because investor sentiment has been dampened by a series of negative news, including the recent hacking of Bybit, a virtual asset exchange, and the meme coin scandal involving President Javier Milrei, known as the “Donald Trump of Argentina.” Caroline Morrone, co-founder of Orbit Market, a liquidity provider for virtual asset derivatives, pointed out that “the Bybit hack, coupled with recent incidents such as the launch of meme coins, is bringing back negative memories from the past in the cryptocurrency market.”
https://ad.planbplus.co.kr/adSb/?k=MjMzMw==&pb=&di=Blockchain security firm Certik reported that “an abnormal fund transfer has been confirmed in an Ethereum contract. Approximately $49.5 million has been transferred, and someone is converting it to DAI.”
In relation to this, it is presumed that the stablecoin neobank project Infini has been hacked. Infini founder Christian said through X, “We are organizing the details. Withdrawals are proceeding normally, and even in the worst case scenario, we will compensate all victims.” Blockchain security firm Certik reported that “an abnormal fund transfer has been confirmed in an Ethereum contract. Approximately $49.5 million has been transferred, and someone is converting it to DAI.” In relation to this, it is presumed that the stablecoin neobank project Infini has been hacked. Infini founder Christian said through X, “We are organizing the details. Withdrawals are proceeding normally, and even in the worst case scenario, we will compensate all victims.” There are reports that Ethereum, the leader in altcoins, may have been hacked again.
As cryptocurrencies are falling due to the Bybit hack, Cardano (ADA) founder Charles Hoskinson strongly criticized Ethereum (ETH) by calling it “Ethereum Classic” regarding the Bybit hack worth $1.4 billion. Hoskinson pointed out that this hack has once again revealed Ethereum’s structural problems and warned that Ethereum will eventually go down the path of an “abandoned internet platform.”
Hoskinson’s comment that “the Bybit hack is a structural security problem in Ethereum” is drawing attention. Following the Bybit hack, there are signs of a “bank run” not only in Ethereum but also in Bitcoin, Ripple, Solana, etc. Following the news of another security hole, suspicious fund movements worth $49.5 million have been detected on the Ethereum network. YouToday reported that a specific account was hacked and granted special authority called ‘0x8e9b’, which allowed them to withdraw all funds in the ‘0x9a79’ address. It has been confirmed that the ‘0x3ac9’ address, which is currently believed to be the attacker, converted the funds into 17,696 ETH (approximately 49 million dollars). As cryptocurrencies are falling due to the Bybit hack, there are indications that Ethereum, which was hacked in this hack, will eventually be delisted and scrapped.
Cryptocurrencies such as Bitcoin, Ethereum, Ripple, Cardano, and Solana have been adjusted after the Bybit hack. In the Bybit hack, Bybit lost a total of 401,347 Ethereum, worth over 1.4 billion dollars. When BitMEX founder Arthur Hayes suggested a “rollback of Ethereum’s blockchain,” Hoskinson sarcastically replied, “Ethereum Classic.” This is a reference to Ethereum Classic (ETC), which was separated from Ethereum through a rollback during the DAO hacking incident in 2016, and is effectively dismissing Ethereum as outdated.
Hoskinson has previously maintained a critical stance toward Ethereum, calling it a “dumpster fire.” He predicted that “Ethereum’s current direction will eventually lead to its downfall like MySpace or Netscape,” and emphasized that “there is a high possibility that Ethereum projects will eventually migrate to Cardano, which is more efficient and scalable.” It is expected that key figures such as Hoskinson will further raise their voices in criticism of Ethereum as a result of this incident. U2Day predicted that competing platforms, including Cardano, will actively take advantage of this opportunity.
Bybit suffered the largest hacking incident in history worth $1.4 billion (about 400,000 ETH). In response, Bybit announced a bounty program worth up to $14 million. This hack is said to have involved the North Korean hacker group ‘Lazarus Group’. Bybit’s total assets have decreased by more than $5.3 billion since the incident. Cointelegraph emphasized that Bybit’s assets still exceed liabilities despite this hack, so user funds are safe. Hacken, which conducted an independent audit, said, “Bybit’s reserves exceed liabilities, and user funds are 100% guaranteed.” However, this incident is having a negative impact on investment sentiment not only for Bybit but also for the entire cryptocurrency market.