Crypto Flipsider News – Bitcoin Exchange Outflows Near 100K BTC, Litecoin Transaction Volume Spikes, CME Group to Offer SOL & ADA Futures, Inverse Finance Loses Over $15M in Hack, Trezor Data Breach, Reddit Integrates Ethereum NFTs

Read our Monday digest with the newest events in the crypto space.

Read in the Digest;

  • Bitcoin Exchange Outflows Near 100K BTC, Litecoin Transaction Volume Spikes
  • CME Group to Offer SOL & ADA Futures, Valour Inc. to Add Three New Crypto Vehicles
  • Inverse Finance Loses Over $15M in Hack, Trezor Data Breach Used for Phishing Attacks
  • Reddit Integrates Ethereum NFTs, Users Can Display Avatars on Their Profile

Bitcoin Exchange Outflows Near 100K BTC, Litecoin Transaction Volume Spikes

As Bitcoin recovered in March to set a new high for the year, Bitcoin exchange outflows jumped in response. According to Glassnode, “Bitcoin exchange outflow volume recently hit a rate of 96.2k $BTC per month,” less than only March 2020.

The move of Bitcoin away from exchanges signifies a bullish outlook from investors. Renowned analyst Will Clemente backs Glassnode’s report, highlighting that 63.15% of Bitcoin’s supply has not moved in at least 1 year.

Bitcoin monthly exchange outflows. Source: Glassnode

Litecoin, the crypto created to be the “silver” to Bitcoin’s “gold,” has also recorded significant on-chain successes. Litecoin’s transaction volume started rising in December, and in March, it reached its biggest cluster of transactions in Litecoin’s history.

According to data from Santiment, between the end of March and the start of April saw more than 1,500 whale transactions worth more than $100,000 each day. Enthusiasts have suggested that “big players'” entrance inspired the spike in transaction volume.

Flipsider:

  • Despite their on-chain successes, the prices of Bitcoin and Litecoin have continued to tumble under bearish pressure.

Why You Should Care

The entrance of big players into Litecoin and Bitcoin’s exchange decline signify the anticipation of an increase in the prices from investors.

Digest breakers Coins

CME Group to Offer SOL & ADA Futures, Valour Inc. to Add Three New Crypto Vehicles

Days after announcing its micro-sized Bitcoin and Ether Options, the Chicago Mercantile Exchange (CME) is considering launching Solana (SOL) and Cardano (ADA) futures. 

Speaking at the CryptoCompare Digital Asset Summit, Payal Shah, CME’s director of equity and cryptocurrency products, confirmed that the firm has seen strong demand for ADA and SOL futures and is “looking at” creating altcoin futures contracts.

While these futures are in the works, Swiss asset-management firm, Valour Inc., has announced the launch of Valour Cardano (ADA), Valour Polkadot (DOT), and Valour Solana (SOL) exchange-traded products (ETPs) in Europe.

Valour Inc. is owned by DeFi Technologies. On Wednesday, April 6, the three ETPs will start trading on the Euronext exchanges in Paris and Amsterdam. The expense fee for Valour’s new ETPs is 1.9%. 

Flipsider:

  • Shah clarified that launching Solana and Cardano futures will depend on when CME sorts out price indexes and regulation issues.

Why You Should Care

The launch of altcoin vehicles confirms the piquing interest of institutional investors in other digital assets that are not Bitcoin and Ethereum.

Digest breakers NFT

Inverse Finance Loses Over $15M in Hack, Trezor Data Breach Used for Phishing Attacks

Less than a week after Ronin suffered one of DeFi’s biggest hacks in history, $15 million has been siphoned from Inverse Finance. According to reports, the hacker exploited a bug in the Oracle-backend system of the lending protocol.

The hacker artificially inflated the price of the INV token, then used the manipulated INV as collateral to borrow DOLA, ETH, WBTC, and YFI until the funds in that chain were exhausted. InverseDAO now says it is working on the development.

Another network breach has seen Trezor users raise complaints about an email phishing campaign. Trezor, a cryptocurrency hardware wallet provider, reportedly had its mailing list breached.

With access to the registered email addresses of users, the hacker has been sending fake data breach notifications to steal cryptocurrency wallets and their digital assets. Trezor is now investigating a potential data breach of an opt-in newsletter hosted on MailChimp.

Flipsider:

  • Trezor has gotten wind of the campaign and has warned users against opening emails originating from noreply@trezor.us

Why You Should Care

The increasing breaches of crypto networks have raised calls for greater security if the industry is to see mainstream adoption.

Digest breakers Chart

Reddit Integrates Ethereum NFTs, Users Can Display Avatars on Their Profile

In a follow-up to reports in January that alleged that Reddit was working on integrating NFTs, the social media platform has now confirmed that it has integrated Ethereum-based NFTs onto its platform.

At the launch, Reddit auctioned four NFTs in the Crypto Snoos collection on OpenSea. Each NFT was sold for as much as $400,000, and only these NFTs can be used as avatars within the Reddit platform.

Owners of other NFTs will need to use them as a jpeg for their profile pictures. However, customization of NFTs isn’t allowed, limiting the potential available to users. 

Experts suggest that the integration could be in its early phases, and when fully complete, Redditors will be able to use NFTs from other collections as their avatars on the platform.

Flipsider:

  • Some Redditors have raised concerns about the high NFT prices, while others have mocked the “uselessness” of the integration.

Why You Should Care

The integration of NFTs by social media platforms Reddit and Twitter shows the increasing usage and adoption of digital arts.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia