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Bitcoin spot ETFs recorded $277.5 million in net outflows, led by Fidelity’s FBTC, reflecting continued market caution amid ongoing volatility
Tether froze more than $514 million in USDT across the Ethereum and Tron networks, highlighting the stablecoin issuer’s expanding role in crypto compliance and enforcement actions
Zcash received bullish support from Tyler Winklevoss, while Arbitrum DAO approved a $70 million ETH release linked to Kelp DAO exploit recovery efforts
The crypto market witnesses major developments as BTC saw $277 million in outflows. Tether froze $514 million worth of USDT, and Zcash received renewed bullish support. The Arbitrum platform authorized a $70 million Ethereum distribution to support Kelp DAO exploit recovery operations while Coinbase documented its third consecutive quarterly loss.
According to SoSoValue, the Bitcoin spot ETF saw a total net outflow of $277.50 million yesterday. The Bitcoin Spot ETF with the highest net inflow yesterday was Morgan Stanley's ETF MSBT, with a daily net inflow of $7.35 million.
The second highest was Grayscale Bitcoin Mini Trust ETF BTC, with a daily net inflow of $5.67 million.
The Bitcoin Spot ETF with the highest net outflow yesterday was Fidelity's ETF FBTC, with a daily net outflow of $128.99 million.
The total net asset value of Bitcoin Spot ETFs is $106.77 billion, with an ETF net asset ratio of 6.67%. The historical cumulative net inflow has reached $59.49 billion.
The Arbitrum DAO voted to release the frozen 30,765.6 ETH (around $70 million) to the DeFi United initiative that formed to mitigate the impact of the $292 million exploit on Kelp DAO last month.
According to Arbitrum DAO's voting, 182.2 million votes supported the release of the tokens, accounting for 90.96% of all voting power.
With the approval, Arbitrum is set to become the largest donor to DeFi United. This stems from the April 18 attack on LayerZero-powered Kelp DAO.
The attacker, suspected to be North Korea's Lazarus Group, exploited a single-verifier configuration of an Omnichain Fungible Token (OFT) bridge to drain 116,500 rsETH from Kelp DAO.
Also Read: Bitcoin Price Stays Above $79,000 Despite Market Volatility
According to Blocksec’s USDT data, Tether froze over $514 million in USDT across Ethereum and Tron over the past 30 days.
This highlights the stablecoin issuer’s growing role in crypto-related enforcement actions. As of Friday, the tool shows 370 addresses blacklisted in that period, including 328 on Tron and 42 on Ethereum, with about $505.9 million frozen on Tron and $8.73 million on Ethereum.
BlockSec’s analysis found that Tether blacklisted 4,163 unique addresses across Ethereum and Tron, freezing a total of $1.26 billion in USDT.
Out of $1.26 billion frozen assets in 2025, over half were later destroyed via the contracts’ 'destroyBlackFunds' function, and only 3.6% of those addresses were removed from the blacklist.
Coinbase recorded $394 million in net losses in Q1 as this year’s bear market. Notably impacted its spot trading volume.
The company’s revenue for the first three months stood at $1.4 billion. A 21% drop quarter-over-quarter as spot trading took a big hit.
In Q4 last year, the company had posted a $667 million loss, or $2.49 loss per share. However, in Q1 last year, it had posted $66 million in net profit.
Despite the losses, the Coinbase management dismissed any concerns over the future of the exchange. '…despite asset prices being down, Q1 marked the 12th consecutive quarter of net native unit inflows,' CEO Brian Armstrong said on an investors’ call.
Also Read: ETH Price Climbs Back Above $2,380: Has Ethereum’s Trend Finally Changed?
Tyler Winklevoss, co-founder of Gemini, expressed his support for projections that place the price of Zcash at levels significantly higher than current ones.
Winklevoss Capital executed a restructuring plan to consolidate its position in the privacy coin through Cypherpunk Technologies. This entity, which is listed on the United States stock market, now functions as a ZEC treasury, holding over 303,000 units of the asset.
Cypherpunk’s Chief Investment Officer, Will McEvoy, presented a model where Zcash’s valuation could experience a considerable revaluation.
The analysis suggests that if the protocol manages to capture 1% of the offshore wealth market or 10% of Bitcoin’s current capitalization, the price per unit would move toward the $9,700 zone. The asset recorded a 70% rally over the last week; the price of ZEC remains 22% below its six-month high, which was $735.
Bitcoin ETFs witnessed large outflows caused by weak market sentiment and declining spot trading activity during the ongoing crypto downturn.
Tether blacklisted hundreds of addresses tied to suspicious activity as part of broader enforcement and compliance actions across Ethereum and Tron networks.
Arbitrum DAO approved the release of 30,765 ETH to support recovery efforts after the $292 million Kelp DAO exploit linked to the Lazarus Group.
Zcash surged after Tyler Winklevoss backed projections suggesting major upside potential if ZEC captures a share of offshore wealth markets.
Coinbase posted a $394 million Q1 loss as weaker crypto prices and lower spot trading volumes impacted overall exchange revenue.
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