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ZEC gained 10% after developers successfully addressed the Orchard vulnerability, with the upgrade being described as a notable event
Nearly 475,000 ETH left major exchanges in early June, potentially signaling reduced selling pressure
Bitcoin ETFs recorded $1.72 billion in weekly outflows, while XRP spot ETFs attracted $2.62 million in fresh inflows
The crypto market saw major development as Zcash climbed 10% after a network upgrade, while XRP ETFs saw over $2 million in inflows. Meanwhile, Bitcoin ETFs stayed under pressure, with heavy selling, and Ethereum exchange reserves dropped.
Arthur Hayes, the co-founder of Maelstrom and former BitMEX CEO, announced that he sold his entire position in Worldcoin (WLD) just days after his venture capital firm highlighted the token as one of the strongest opportunities linked to the growing artificial intelligence sector.
Hayes revealed his exit in a post on X, where he shared a chart showing a sharp decline in the SpaceX pre-IPO perpetual futures market.
He stated that the chart was ‘going in the wrong direction’ and confirmed that he sold his WLD holdings.
The bullish report helped fuel a short-lived rally in WLD. The token climbed above $0.60 as traders reacted positively to the analysis and the AI narrative surrounding the project.
Zcash is up 10% in the last 24 hours to $426 following what the founder of ZODL (Zcash Open Development Labs) Josh Swihart called the most consequential network upgrade in the coin's history.
In a post on X, Swihart reflects on a defining moment for Zcash when he was informed of the issue that would lead to the remediation of the Orchard vulnerability and the rapid coordination of the most consequential network upgrade in Zcash history.
On May 29, security researcher Taylor Hornby disclosed a critical bug in Zcash's Orchard shielded pool.
The flaw, present since Orchard launched on May 31, 2022, would allow an attacker to generate counterfeit ZEC within the pool without leaving any visible on-chain signature.
The supply of Ethereum (ETH) across several cryptocurrency exchanges has dropped by roughly 475,000 ETH during the first week of June.
Binance reserves fell from 3.87 million ETH on June 4 to 3.68 million ETH by June 7, a drop of approximately 190,000 ETH.
Bitfinex saw its ETH holdings drop from 2.67 million ETH on May 31 to 2.49 million ETH by June 7, a 6.74% decrease.
OKX exchange recorded the sharpest decline, with its reserves dropping from 424,000 ETH to 340,000 ETH between June 4 and June 7, a decline of 84,000 ETH, or nearly 20%.
Also Read: Why Bitcoin’s Price Weakness May Continue as Selling Pressure Persists
According to data from SoSoValue, the Bitcoin ETFs reported $1.72 billion in net outflows last week.
BlackRock's IBIT, the largest Bitcoin ETF by net assets, recorded $1.34 billion worth of outflows last week, marking its largest weekly net outflow since its launch in January 2024.
This extends the negative flow trend from May, when the funds recorded $2.43 billion in monthly net outflows.
XRP spot ETFs recorded a net inflow of $2.62 million last week, according to SoSoValue. The largest weekly inflow among XRP spot ETFs went to Canary ETF XRPC, which added $4.13 million and brought its cumulative historical net inflow to $459 million.
Franklin Templeton’s ETF XRPZ ranked second, with a weekly net inflow of $3.83 million and cumulative historical net inflow of $396 million.
Bitwise’s ETF XRP posted the largest weekly net outflow among XRP spot ETFs at $4.06 million, while its cumulative historical net inflow stood at $467 million.
XRP spot ETFs had a total net asset value of $928 million, with an ETF net asset ratio of 1.34% and cumulative historical net inflows of $1.43 billion.
Also Read: XRP vs Stellar (XLM): Which is Better Positioned for Cross-Border Payments?
1. Why did Zcash rise by 10%?
Zcash surged after completing a major network upgrade that fixed the Orchard vulnerability. The successful remediation improved investor confidence and reduced concerns about potential counterfeit token risks.
2. What does declining Ethereum exchange supply indicate?
When ETH leaves exchanges, it is often interpreted as investors moving assets into self-custody or staking platforms. This can reduce immediate selling pressure and is generally viewed as a bullish supply signal.
3. Why are Bitcoin ETFs experiencing heavy outflows?
Bitcoin ETFs saw $1.72 billion in weekly outflows amid weak market sentiment, profit-taking, and broader risk-off conditions. BlackRock's IBIT alone accounted for $1.34 billion of those withdrawals.
4. What is driving XRP ETF inflows?
XRP spot ETFs continue to attract investor interest amid growing institutional adoption and increasing demand for regulated crypto investment products. Total historical inflows have now reached $1.43 billion.
5. Why did Arthur Hayes sell his Worldcoin holdings?
Hayes cited weakening momentum in the SpaceX pre-IPO futures market and changing market conditions. Despite previously highlighting Worldcoin's AI potential, he decided to exit the position after sentiment shifted.
