Last week, total net inflows for spot Bitcoin ETFs surpassed $17 billion; the CrowdStrike global outage sparked discussions about decentralized systems; crypto exchange WazirX suffered a $234 million exploit; spot Ethereum ETFs readied for launch on July 23; and Allium raised $16.5 million in funding. Our Weekly Recap covers it all:
BTC ETFs Net Inflows Cross $17 Billion
Throughout last week, spot Bitcoin ETFs saw sustained inflows, a trend that spilled from the previous week. On July 17, the ETFs recorded a positive netflow of $422.5 million, the highest since June 5. Over the last week, these products saw $1.197 billion in net inflows, eventually surpassing $17 billion in total net inflows.
WazirX Hacked
Indian exchange WazirX suffered an exploit on July 18, leading to losses amounting to $234 million across multiple crypto assets. The perpetrators immediately swapped the tokens for Ethereum (ETH). On-chain sleuth ZachXBT attributed the hack to North Korea’s Lazarus Group. WazirX released a statement shortly after, stressing that the hack involved a mismatch issue with Liminal, who was responsible for verifying transactions related to the affected multi-sig wallet. Liminal debunked these claims.
Ethereum ETF Launch Date
Last week, the U.S. SEC reached out to prospective Ethereum ETF issuers to submit their final S-1 applications on July 17, with a possible approval on July 22 if there are no last-minute issues. This bolstered the anticipation around the upcoming ETF products. Consequently, Ethereum witnessed increased interest, recording a two-week increase of 15% as of July 20.
BTC and CrowdStrike
A CrowdStrike update triggered a global outage affecting digital systems across multiple sectors, including travel, banking, and media. As global operations reached a standstill, some crypto industry leaders leveraged the opportunity to spotlight the advantages of decentralized systems. Pro-crypto U.S. Senator Cynthia Lummis highlighted Bitcoin’s immunity to such outages, stating on social media: “Do you know what form of currency hasn’t been affected by widespread cyber outages? Bitcoin. Vires in Numeris.”
Crypto Startups Raise $33.75 Million
Despite a slow week for crypto VC funding, some of the largest rounds amounted to a combined $33.75 million. Blockchain data resource Allium led with $16.5 million in Series A funding. Meanwhile, Haruko secured $6 million, FinTech startup PEXX and cloud-providing platform Nirvana Labs each raised $4.5 million. Bima Labs witnessed a pre-seed funding of $2.5 million.
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