Bybit News: Bitcoin ETFs Lead $2.9 Billion Crypto Outflow Amid Profit-Taking

Bitcoin ETFs Lead $2.9 Billion Crypto Outflow

Bitcoin ETF investors pulled out a record $2.59 Billion last week, part of a massive $2.9 Billion exit from digital asset investment products, according to a CoinShares report. This marks the third straight week of outflows, totaling $3.8 Billion over three weeks. The outflows follow a 19-week inflow streak of $29 Billion, suggesting profit-taking after a bull run. Bitcoin’s price dipped to $78,000 on February 28, 2025, before recovering above $92,000 by March 3, 2025. The Bybit hack and the Federal Reserve’s hawkish stance likely spooked investors, adding to the outflow pressure.

Ethereum Price Struggles Amid Negative Sentiment; SUI & DTX Lead Recovery

The Ethereum price has failed to recover above $2,500 due to negative sentiment following Bybit’s loss of $1.4 billion in ETH to NK’s Lazarus Group. This has led to bearish signals and potential massive sell-offs. However, SUI and the promising newcomer DTX Exchange are stepping up as key assets that could drive market recovery. SUI, currently in its bonus presale round, has raised $15.3 million and is set to list at $0.36, double its current price of $0.18, attracting investors looking for potential profits.

The LIBRA Playbook Exposes Centralized Power in Web3

The mood in crypto has shifted. For some, Web3 has become a rigged casino where insiders print wealth at the expense of retail investors. The LIBRA scandal revealed a coordinated playbook involving hype, exclusivity, and controlled liquidity, allowing insiders to cash out at the peak. The recent Bybit hack further reinforced the sense of disillusionment in the space. However, for others, this is a wake-up call, shattering the illusion but keeping the mission intact.