Crypto News Today: BitMine Expands Ethereum Holdings, DeFi Security Under Scrutiny, and Dogecoin Extends Losses

Overview

• BitMine expanded its holdings to 3.4 million ETH worth $13.25 billion, reinforcing its position as the largest corporate ETH holder globally.

• Ripple acquired Palisade to enhance its multi-chain custody infrastructure and strengthen its enterprise blockchain ecosystem.

• A $120 million Balancer hack, $186 million in Bitcoin ETF outflows, and Dogecoin’s 8% decline intensified bearish sentiment across the cryptocurrency market.

The cryptocurrency market continued to witness volatility today as significant developments in Ethereum, DeFi, and memecoin affected investor sentiment. BitMine widened its lead in Ethereum; the broader cryptocurrency market faced renewed selling pressure after a major $120 million hack of Balancer and outflows from Bitcoin ETFs. 

BitMine Tightens Ethereum Hold, Adds 82,300 ETH

BitMine's aggressive accumulation strategy continues to pay off as the company has acquired a total of 82,300 Ethereum (ETH) this week, taking its total crypto and cash treasury holdings to $13.7 billion. 

Currently, BitMine holds 3.4 million ETH, worth approximately $13.25 billion, making It the largest corporate holder of Ethereum and the second-largest overall crypto treasury, behind Strategy Inc.

Chairman Thomas “Tom” Lee emphasized BitMine’s goal of owning 5% of Ethereum’s circulating supply, which is termed as their “alchemy of 5%” strategy. 

BitMine currently owns approximately 2.8% of the ETH supply, continuing to make progress toward its goal.

Also Read: Will Ethereum Rally to $6,500 After Bouncing at $3,800?

Ripple Acquires Palisade to Strengthen Institutional Custody Infrastructure

Ripple Acquires Palisade, Enhancing Institutional Custody Infrastructure. Ripple has announced the acquisition of Palisade, a digital asset wallet and custody infrastructure company, in a deal that will continue to enhance Ripple's already expanding enterprise blockchain ecosystem. 

The acquisition aligns with Ripple's strategy to expand its custody business, which was launched in October 2024, to serve clients seeking options to manage and offer custody for digital assets and tokenized funds. 

Palisade specializes in multi-chain wallet-as-a-service platforms, enabling Ripple to provide scalable, enterprise-grade custody and payments infrastructure. 

The company mentioned the integration would allow Ripple to improve wallet speed, security, and compliance for financial institutions globally.

Bitcoin ETFs Record $186 Million Outflow

Bitcoin spot ETFs faced their fourth consecutive day of outflows, totaling $186.51 million on Monday, according to SOSOValue. BlackRock’s IBIT ETF led withdrawals, accounting for the entire day’s net outflow.

Even with recent outflows, total net inflow stands at $61 billion, while total Bitcoin ETF assets under management amount to $143.5 billion, representing 6.75% of Bitcoin’s market cap. 

Analysts view the decline as part of broader profit-taking and a softening crypto sentiment.

Also Read: Bitcoin Price Holds Around $104,600 as ETF Outflows Hit $799 Million

Privacy Coins Defy Market Correction

Privacy-focused coins Dash (DASH) and Zcash (ZEC) posted exceptional gains, extending last week’s rally. 

The combined market capitalization of privacy coins briefly surpassed $25 billion, outperforming the broader cryptocurrency sector with 79.7% monthly returns, according to Artemis data.

Over the last 24 hours, Dash has surged 68% while Zcash has gained 21% due to increased on-chain activity. Dash hit $1.44 billion in trading volume, the highest since May 2021, while Zcash hit $1.35 billion, its best session in over two years.  

Analysts suggest that the rise is due to growing investor demand for privacy-focused networks, driven by increasing regulatory scrutiny of public blockchain transactions.

Balancer Hack Raises Questions Over DeFi Security

A $120 million exploit targeting Balancer, one of the oldest decentralized exchanges in DeFi, rattled the community and sparked discussions about security. 

The attack exploited a precision loss vulnerability in older pools, draining Balancer's V2 Composable Stable Pools while leaving V3 pools unaffected.

Despite the vault undergoing audits from over 10 leading firms, attackers found a way to exploit the batchSwap function to manipulate token prices. Blockchain researcher Suhail Kakar noted that the vault underwent multiple audits, yet gaps persisted, even when protocols are well-vetted.

After the hack, DeFi liquidations exceeded $1.2 billion, including $1.1 billion in long positions, as panic spread throughout the market.

Dogecoin Extends Losses as Whales Sell $440 Million

Dogecoin dropped by 8% to $0.1697 due to heavy selling by whales and leveraged liquidations. Trading volume soared to 3.37 billion tokens, a 426% increase from the daily average, as stop-loss triggers accelerated the decline. 

Whales with between 10-100 million DOGE have sold around 440 million tokens in three sessions, one of the most significant wallet outflows this quarter.

Technical indicators suggest that DOGE is now in oversold territory, with the RSI currently at 34.7. Analysts believe DOGE may experience short-term relief rallies only if DOGE stabilizes above $0.165 and closes above $0.18 to neutralize bearish momentum.

FAQs:

1. Why did BitMine buy more Ethereum?
BitMine aims to control 5% of Ethereum’s total supply as part of its long-term “alchemy of 5%” accumulation strategy focused on institutional dominance.

2. What is Ripple’s goal behind acquiring Palisade?
The acquisition strengthens Ripple’s institutional custody and payment services, enhancing security and scalability for financial clients.

3. Why are privacy coins like Dash and Zcash surging?
Privacy-focused coins are rallying as investors seek decentralized alternatives amid rising regulatory scrutiny of transparent blockchain transactions.

4. What caused the $120 million Balancer hack?
Hackers exploited a precision loss vulnerability in Balancer’s older V2 pools, despite multiple audits, reigniting concerns about the security of DeFi.

5. Why did Dogecoin’s price drop so sharply?
Heavy whale selling worth $440 million and leveraged liquidations drove DOGE down 8%, though analysts expect a possible short-term rebound above $0.165.