"Hacking, Selling, and Even a Meme ETF Exploded at Once"...Three Consecutive Negative Factors and Unprecedented Variables Shaking the Market

▲ Cryptocurrency crime, hacking, cyber attack/AI generated image

As the Bitcoin ATM operator's hacking damage and the Ethereum Foundation's selling pressure overlap, increasing downward pressure on the virtual asset market, the unusual issue of a Pepe spot ETF application is simultaneously emerging.

According to reports from virtual asset specialized media on April 9 (local time), Bitcoin Depot, the world's largest Bitcoin ATM operator, recently had approximately $3.7 million worth of Bitcoin stolen in a hacking attack. The company views this as an attack targeting specific system vulnerabilities and has launched a full-scale security review. Industry experts evaluate that security risks have re-emerged, as virtual asset infrastructure companies are becoming major targets for hackers.

The Ethereum market is also under pressure. The Ethereum Foundation sold off some of its holdings to cover operating costs, and as this fact became known, the price showed a trend of falling below key support levels. Market analysis suggests that the timing and scale of the Foundation's selling are acting as factors that dampen investor sentiment.

At the same time, unexpected movements were observed in the institutional market. Asset management firm Canary Capital submitted documents to the U.S. Securities and Exchange Commission (SEC) to register a spot ETF based on Pepe (PEPE). This is the first time a spot ETF application has been made for a meme coin, rather than Bitcoin or Ethereum. Canary Capital emphasizes the product's competitiveness based on its high trading volume and active community.

The market is paying attention to the fact that contradictory trends are unfolding simultaneously. On one hand, traditional negative factors such as hacking and selling continue, while on the other hand, experimental attempts to introduce new investment products are emerging.

Bitcoin Depot's hacking incident is evaluated as a case that once again exposed the structural vulnerabilities of centralized services. Simultaneously, the Ethereum Foundation's selling is met with mixed evaluations, some seeing it as an unavoidable choice for ecosystem operation, others as a burden on the market.

Going forward, the market is expected to seek direction focusing on follow-up measures to the hacking and whether regulatory authorities approve the ETF. Investors are simultaneously monitoring changes in the security environment and institutional fund flows, responding to the phase of increased volatility.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*