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Bitcoin (BTC) mounted a recovery, taking the rest of the market with it, despite sustained out flows from spot Bitcoin exchange-traded funds. The U.S. government made moves to sell $131 million in BTC confiscated from Silk Road. Meanwhile, Terraform Labs goes bankrupt . Spot Bitcoin ETFs record outflows This week featured massive negative net flows from the spot Bitcoin ETF market, largely due to substantial outflows from the Grayscale Bitcoin Trust (GBTC), as investors exited the project due to high fees. Particularly, on Jan. 24, the spot Bitcoin ETF market recorded the largest intraday outflow since it opened for trading. The products saw a cumulative negative netflow of $159 million that day, which marked their ninth day of trading. All other ETF products witnessed inflows on Jan. 24 besides the GBTC. However, these inflows were not substantial enough to overcome the outflows from the GBTC, which stood at a massive $429 million. On Jan. 25, the tenth day of trading, t...

Massive outflows emerged from the crypto exchange following security breaches at three Justin Sun-affiliated platforms, including Heco Bridge and Poloniex.  Crypto users withdrew assets worth an estimated $258 million between Nov. 25, after HTX resumed operations, and Dec. 10, per DefiLlama data, indicating doubts regarding safety at the crypto exchange. The net outflows occurred following a Nov. 22 hack on HTX, resulting in over $23 million siphoned from the platform formerly called Huobi. Heco bridge, a Sun-backed cross-chain protocol, was also exploited for around $85 million. The total losses suffered during the breach reached more than $100 million. Before that, hackers stole $100 million in cryptocurrencies from Sun’s Poloniex exchange, and HTX lost $8 million to bad actors in September 2023, although the funds were later returned in October. The events amount to four separate hacks in three months with over $220 million in losses. You might also like: Justin Sun laun...