Crypto Compass by BitcoinWalletSG #90

Hello Fam,

This week, we’re seeing strong consecutive inflows into U.S. bitcoin ETFs, with an impressive eight-day streak of positive momentum, signaling growing investor confidence in the market. However, while the inflows are encouraging, it’s a reminder for all crypto holders to stay vigilant about security. Just recently, a phishing attack resulted in a $32 million loss from a crypto whale’s wallet. As the market heats up, so do the risks!

U.S. Bitcoin ETFs See $61.3 Million in Net Inflows, Extending Eight-Day Streak

U.S. spot bitcoin exchange-traded funds (ETFs) recorded $61.3 million in net inflows on Monday, marking the eighth consecutive day of positive flows. BlackRock’s IBIT, the largest bitcoin ETF by assets, led the way with $72.15 million in inflows. Meanwhile, Fidelity’s FBTC saw $8.32 million in net inflows, while Ark and 21Shares’ ARKB experienced $9.5 million in outflows after logging $203.07 million in inflows last Friday. The total trading volume across 12 bitcoin ETFs dropped to $1.37 billion from $1.87 billion. In contrast, U.S. ether ETFs recorded modest outflows of $822,290, with Grayscale’s Ethereum Trust seeing $11.81 million in withdrawals, though BlackRock’s ETHA ETF recorded its fifth consecutive day of inflows.

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FTX Token (FTT) Surges 50% Amid False Rumors of Repayments

The native token of bankrupt FTX, FTT, saw a surprising spike of around 50% over the past day, reaching $2.75 before settling at $2.14. This rise follows false rumors circulating on social media suggesting that FTX would begin creditor repayments by September 30. However, the court has not approved any repayment plan, and the next hearing on the restructuring is set for October 7. Market analysts attribute the sudden surge in FTT’s value to speculation and developments in FTX’s bankruptcy proceedings, despite the token's limited utility. Additionally, the proposed repayment plan has faced pushback from creditors, especially after details emerged of a fund benefiting select shareholders.

Pump.fun Surges with $MOODENG Token, Hits $1.1M in Daily Revenue

Meme token launchpad Pump.fun is experiencing a resurgence, reaching daily revenue of $1.1 million on Sept. 28 after the launch of $MOODENG, a meme token inspired by the internet-famous baby hippo Moo Deng. With a market cap of $260 million, $MOODENG’s success has reinvigorated interest in the meme token space, driving platform activity to levels not seen since early August. Despite the speculative nature of meme tokens, Pump.fun continues to attract users seeking quick gains, though the platform may face increasing regulatory scrutiny as the crypto market matures.

Happenings of the week

• Vitalik proposes new metrics to measure Ethereum’s core values

• EigenLayer transferability unlocks, Binance to list token

• Token unlocks this week: SUI, OP, IMX, DYDX, WLD, PRIME, GAL

• Bithumb, South Koreas 2nd largest crypto exchange, eyes the NASDAQ

Crypto Whale Loses Over $32 Million in Inferno Drainer Scam

A crypto whale has lost over $32 million in wrapped ether (spWETH) after signing a malicious transaction connected to the Inferno Drainer scam-as-a-service. The scam, which targets users by spoofing popular DeFi applications, drained 12,083 spWETH tokens from the victim’s wallet. Inferno Drainer, responsible for stealing over $215 million across 200,000 victims, charges operators a 20% commission on stolen tokens. Despite being shut down in 2023, the scam returned in May 2024 with enhanced features. Blockchain investigators have linked the wallet to a whale known as CZSamSun, though the identity remains unconfirmed. The victim’s wallet offered a 20% reward for the return of the funds, but no response has been received from the scammer.

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