The cryptocurrency market witnessed several major developments recently, including significant outflows from spot Bitcoin ETFs, a dramatic collapse of a politically themed memecoin, large-scale selling by Pepe whales, a US Secret Service freeze on USDT, and a groundbreaking blockchain initiative for India’s grain storage network.
Bitcoin Spot ETFs Record $120 Million in Net Outflows
According to data from SoSoValue, Bitcoin spot ETFs saw a total net outflow of $120.24 million yesterday. The ETF with the highest net inflow was Morgan Stanley’s MSBT, which attracted $4.49 million, bringing its cumulative net inflow to $520.89 million. Conversely, Ark Invest and 21Shares’ ARKB experienced the largest net outflow of $77.98 million, though its historical net inflow remains at $1.39 billion. The total net asset value of all Bitcoin spot ETFs now stands at $99.33 billion, with an ETF net asset ratio of 6.31% and a historical cumulative net inflow of $55.45 billion.
Hunter Biden’s LAPTOP Memecoin Collapses Over 95%
The LAPTOP memecoin, named after Hunter Biden, lost more than 95% of its value within one hour of trading opening on the Base network. A wallet analysis by Bubblemaps revealed that 12,151 out of 15,206 buyers ended up losing money—roughly 80% of all purchasers. While 3,026 addresses turned a profit and 29 broke even or could not be assessed, the majority of losses were small: 11,311 wallets lost less than $1,000 each.
Pepe Whales Sell 80 Billion Tokens
Pepe (PEPE) remained under pressure, trading near $0.00000348 after failing to break through a key resistance level. On-chain data indicates that large holders have been reducing their positions. Wallets holding between 10 million and 100 million PEPE have collectively sold approximately 80 billion tokens since August 25. This distribution suggests profit-taking after a recent rally. Over the same period, smaller and mid-sized wallets (holding between 100,000 and 10 million PEPE) accumulated a combined 5.06 billion tokens.
US Secret Service Freezes $52.8 Million in USDT
The United States Secret Service froze $52.8 million in the stablecoin USDT across 52 wallets linked to Xinbi Guarantee, an illegal marketplace operating on Telegram. The operation was enabled by intelligence from blockchain analytics firm Elliptic and coordinated with the Office of Foreign Assets Control (OFAC), which designated the platform as a transnational criminal organization. Xinbi acted as an escrow service laundering proceeds from global fraud schemes, including pig butchering, processing over $24 billion since 2022.
India’s $2 Billion Grain Network Goes On-Chain
Arya.ag has begun recording data tied to approximately $2 billion in stored crops on an Avalanche-based blockchain for agricultural lenders in India. The system records grain deposits, electronic warehouse receipts, and loan status, enabling authorized lenders to verify crops offered as collateral. Infosys co-founder Nandan Nilekani announced the project at the Global Fintech Festival in Mumbai. The $2 billion figure represents the estimated value of crops held across Arya.ag’s warehouse network, not the value of loans recorded on the blockchain.