Community members questioned whether the surge in trading volume reflected market conviction or aggressive incentive farming. Perpetual trading volumes on decentralized exchanges (DEXs) surged to an all-time high of $70 billion on Thursday, driven by Aster, a new derivatives platform on BNB Chain. Perpetual DEXs have surged to record volumes on three consecutive days as decentralized perpetuals activity heated up. On Tuesday, the overall volume for perp DEXs hit $52 billion, followed by $67 billion on Wednesday. The volume topped $70 billion on Thursday, highlighting renewed momentum in the decentralized finance (DeFi) derivatives markets. Read more
US spot Bitcoin ETF flows cooled after strong inflows, signalling weaker institutional demand that could push BTC price into an extended correction. Key takeaways: The slowdown in spot Bitcoin ETF flows signals weak institutional demand, hinting at a cooling bullish sentiment $108,000 is a short-term target for the bears, with some BTC analysts predicting a drop to $90,000. Read more
M2 Capital invested $20 million in Ethena’s ENA token as the protocol’s TVL neared $15 billion, with growing institutional backing from global crypto investors. M2 Capital, the investment arm of UAE-based M2 Holdings, invested $20 million in ENA, the governance token for Ethena, a crypto-native synthetic dollar protocol built on Ethereum. M2 Holdings, a conglomerate with digital asset exposure across custody, investment and wealth management, plans to integrate Ethena (ENA) products into client offerings through its affiliate, M2 Global Wealth Limited, according to a Thursday announcement. “M2’s investment in Ethena marks another important step forward for the Middle East’s most sophisticated digital asset investors,” said Kim Wong, managing director and head of treasury at M2 Holdings. Read more
A new, hard-to-spot phishing campaign is hijacking crypto personalities’ X accounts by abusing X’s app authorization system to bypass passwords and 2FA. A new sophisticated phishing campaign is targeting the X accounts of crypto personalities, using tactics that bypass two-factor authentication and appear more credible than traditional scams. According to a Wednesday X post by crypto developer Zak Cole, a new phishing campaign leverages X’s own infrastructure to take over the accounts of crypto personalities. “Zero detection. Active right now. Full account takeover,” he said. Cole highlighted that the attack does not involve a fake login page or password stealing. Instead, it leverages X application support to gain account access while also bypassing two-factor authentication. Read more