Crypto Market Sees Massive Outflows, Memecoin Collapse, and Secret Service Freeze
The crypto market has seen significant developments in recent days, starting with Bitcoin spot ETFs recording $120.24 million in net outflows. The largest withdrawal was from Ark Invest and 21Shares' ARKB ETF, which lost $77.98 million. Despite this, the total net asset value of Bitcoin Spot ETFs remains at $99.33 billion, with an ETF net asset ratio of 6.31%.
In other news, Hunter Biden's memecoin LAPTOP collapsed by over 95% within one hour of trading opening on Base. According to Bubblemaps, 80% of the token's buyers lost money, although losses were relatively small for most investors.
Meanwhile, PEPE holders have been selling their tokens, with wallets holding between 10 million and 100 million PEPE offloading approximately 80 billion tokens since August 25. This could indicate profit-taking by larger investors and add to near-term selling pressure.