Bitcoin ETFs See Inflows Amid WEMIX Security Breach and CLARITY Act Push
The cryptocurrency market saw mixed developments last week as spot Bitcoin ETFs reported $33.79 million in net inflows, while WEMIX faced a security breach with transfers of around $6.25 million.
According to SoSoValue, Grayscale Bitcoin Mini Trust led the inflows with $85.78 million, and BlackRock's IBIT posted the largest weekly outflow at -$95.9 million.
Bitcoin's MVRV Z-Score fell to 0.42, a value four times below its historical mean of 1.7, indicating that Bitcoin is trading in an undervalued range, according to CryptoQuant analyst Axel Adler Jr.
The attacker who gained owner-level access on WEMIX's stablecoin contract created around $5.23 million worth of tokens and moved assets through several blockchain networks. The company has identified suspected wallets and is coordinating with exchanges and stablecoin issuers to freeze the affected assets.