As of Monday, Bitcoin is stable at over $95,000, although the cryptocurrency market capitalization excluding Bitcoin has dropped to $1.18 trillion. A significant portion of institutional interest in Bitcoin, notably 56%, is attributed to arbitrage strategies, which may be overestimated based on inflow data. The recent hack of Bibit exchange, where over $1.4 billion was stolen by the North Korean Lazarus Group, has raised concerns in the market. In response, Bibit claims to have fully covered the stolen ether and promises a refund to affected users.
The overall crypto market capitalization fell by 3.7% to $3.25 trillion, and Bitcoin continues to struggle to reach the $100,000 milestone. The Bitcoin ETF has seen a net inflow of $38.6 billion since January 2024, but nearby 56% of this is linked to arbitrage strategies rather than genuine long-term demand. Analysts note critical support at $93,572; dropping below this could suggest a bearish trend.
Bitcoin’s dominance has risen to 61.5%, indicating that an “altcoin season” may be ending, as current sentiment reflects uncertainty. Following the hack, trader sentiment remains neutral and could signal potential market volatility.
Notably, Solana Meme Coins suffered a significant decline, wiping out 12% of market capitalization in a single day as stolen funds were laundered through them. Solana’s price dropped to $159.16, nearing a three-month low. The findings reveal ongoing concerns about the impact of the hack on the broader cryptocurrency landscape and the strategies employed by the hackers to launder funds.
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