The cryptocurrency market witnessed a flurry of notable events today, as Bitcoin spot ETFs recorded massive outflows, the UK Financial Conduct Authority (FCA) published its final crypto rulebook, and Binance faced a $200 million class-action lawsuit in London. Additionally, hackers managed to steal over $75 million from crypto platforms in June.
Bitcoin Spot ETFs Suffer $222 Million in Net Outflows
According to data from SoSoValue, Bitcoin spot ETFs experienced a total net outflow of $222.64 million on the last trading day. BlackRock’s IBIT led the withdrawals with a daily net outflow of $212.45 million, bringing its total historical net inflow to $60.25 billion. Fidelity’s FBTC followed with a $10.20 million outflow, and its historical net inflow now stands at $10.13 billion. The total net asset value of Bitcoin spot ETFs is $70.95 billion, with an ETF net asset ratio of 6.02%. Cumulative net inflows across all Bitcoin ETFs have reached $51.15 billion.
CryptoQuant CEO Predicts Parabolic Bitcoin Rally
CryptoQuant CEO Ki Young Ju took to X (formerly Twitter) to share his outlook, stating that Bitcoin is poised for another parabolic surge. He noted that while capital efficiency is declining, the current cycle has seen $697 billion in net capital inflows, generating only a 689% return. In contrast, $2.7 billion in 2011 drove a 55,436% increase. Ju believes that the next parabolic bull run will require deeper institutional allocation and that Bitcoin must transition into a core macro asset rather than remaining an ETF product driven primarily by retail investors. He added that this shift is still in its early stages and that Bitcoin could achieve another parabolic surge if it absorbs over $1 trillion in realized market cap.
UK FCA Releases Final Crypto Rulebook
The UK’s Financial Conduct Authority has finalized a comprehensive crypto rulebook, published on June 30. The framework introduces mandatory licensing, custody standards, market-abuse protections, disclosure requirements, and prudential rules. Firms wishing to conduct regulated crypto activities in the UK must obtain FCA approval. Applications will open on September 30, 2026, and close on February 28, 2027, with the regime expected to take effect on October 25, 2027. A notable change from the initial proposal is the reduction in capital requirements for non-systemic stablecoin issuers from 2% to 1% of the total value issued. The UK’s stablecoin framework operates on two tracks: the FCA oversees most qualifying stablecoin issuers and cryptoasset custodians, while the Bank of England handles systemic stablecoins.
June Hacks Drain $75.87 Million From Crypto Platforms
According to blockchain security firm PeckShield, crypto platforms lost approximately $75.87 million across 40 separate hacking incidents in June. This figure marks a 7.13% decline from May’s total of $81.7 million. The largest single breach was the Humanity Protocol exploit, which accounted for over $30 million in losses. Attackers compromised private keys that had been backed up to a malware-infected developer machine. Security firm Quantstamp reported that the methods and tools used in the attack are commonly associated with North Korean hacking groups. The exploiter has since laundered the stolen funds across multiple networks, including Bitcoin, Solana, Hyperliquid, and BNB Chain.
Binance Faces $200 Million Class-Action Lawsuit in London
Approximately 1,700 British investors have filed a class-action lawsuit before the High Court in London against Binance and its co-founder Changpeng Zhao. The plaintiffs are demanding $200 million in damages for losses allegedly incurred due to the trading of unauthorized derivative products. The case was officially filed on June 30. The traders claim that Binance promoted high-risk leveraged products since late 2019 without obtaining the necessary regulatory permissions. According to KP Law, the firm representing the claimants, many of the clients were ordinary citizens who invested their life savings and suffered losses of tens of thousands of pounds.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies are highly volatile and involve significant risk. Always conduct your own research before investing.
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