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Tag: total crypto market cap

  • Crypto Funds Bleed $173M As Outflows Extend To Fourth Week – Report

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    Crypto exchange-traded products (ETPs) have extended their negative streak to a fourth consecutive week after US market weakness pushed global funds to over $170 million in weekly outflows.

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    Crypto Funds Outflows Extend Amid US Weakness

    According to the latest CoinShares data, crypto-based investment products recorded their fourth week of outflows amid the negative market sentiment of the past month.

    In a Monday report, James Butterfill, head of research at CoinShares, shared that global crypto funds closed the week with negative net flows totaling $173 million, bringing cumulative four-week outflows to $3.47 billion.

    Crypto asset funds see negative net flows for fourth consecutive week. Source: CoinShares

    Notably, crypto ETPs recorded over $1.7 billion in outflows each of the last two weeks of January as the market sentiment shifted, marking the largest negative net flows since November 2025.

    Over the past two weeks, investment products have seen outflows of $187m and $173m, respectively.  The latest figures suggest that the strong selling pressure has slowed, although it has not yet reversed despite improved market sentiment.

    “The week began on a more positive note, with inflows of US$575m, followed by outflows of US$853m, likely driven by further price weakness. Sentiment improved slightly on Friday following weaker-than-expected CPI data, with inflows of US$105m,” he detailed.

    Meanwhile, ETPs’ trading activity also dropped notably, with volumes falling to $27 billion from a record $63 billion recorded the previous week.

    Butterfill noted that the funds also saw a sharp regional divergence in sentiment between the US and the rest of the world. Per the report, the US saw $403 million in outflows last week, while all other regions recorded $230 million in inflows.

    Germany, Canada, and Switzerland registered the strongest performance, with inflows worth $114.8 million, $46.3 million, and $36.8 million, respectively.

    Altcoins See Selective Resilience

    As the report noted, the two leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), saw the worst performance among major assets. The flagship crypto had the weakest sentiment, recording $133 million in negative net flows, fueled by BlackRock IBIT’s $235 million in outflows.

    crypto
    BTC, ETH lead outflows, while altcoins show demand. Source: CoinShares

    However, short Bitcoin investment products also recorded outflows, totaling $15.4 million over the past two weeks, “a pattern often seen near market lows,” Butterfill added.

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    Ethereum suffered $85.1 million in outflows, led by BlackRock ETHA’s $112.7 million, while Hyperliquid saw $1 million in outflows.  On the flip side, some altcoin-based investment products saw positive sentiment, continuing to attract fresh inflows last week.

    Crypto funds based on XRP led the charge with $33.4 million in inflows, adding to the previous week’s $63.1 million positive flows. Solana ETPs followed second with $31 million inflows, a notable increase from the $8.2 million recorded the week prior, signaling confidence in these assets despite the broader trend.

    crypto, TOTAL
    The total crypto market capitalization is at $2.35 trillion in the one-week chart. Source: TOTAL on TradingView

    Featured Image from Unsplash.com, Chart from TradingView.com

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    Rubmar Garcia

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  • Criminals Behind $2M School Theft Admit Guilt: Crypto Mining Scheme Uncovered

    Criminals Behind $2M School Theft Admit Guilt: Crypto Mining Scheme Uncovered

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    In recent developments, two California school district officials have admitted guilty to stealing up to $1.8 million and misappropriating electricity to finance and operate a clandestine crypto-mining operation. 

    The United States Department of Justice (DOJ) disclosed that Jeffrey Menge, former Assistant Superintendent and Chief Business Officer of Patterson Joint Unified School District, and Eric Drabert, the district’s IT Director, pleaded guilty to charges of theft concerning programs receiving federal funds. 

    Fraudulent Billing Scandal

    According to the DOJ’s statement, Menge, as Assistant Superintendent, hired Drabert as the school district’s IT director around 2020. 

    Together, they orchestrated a series of illicit activities to siphon funds from the district. Menge reportedly utilized a Nevada-based company called CenCal Tech LLC, which he controlled, as a front for the crypto scheme. 

    The investigation revealed that to circumvent restrictions on conducting interested party transactions, Menge created a fictitious executive, “Frank Barnes,” to represent CenCal Tech. 

    Through this setup, it is alleged that Menge and Drabert executed fraudulent transactions worth over $1.2 million, involving practices such as double billing, overbilling, and billing for undelivered items.

    Illicit Crypto Mining Operation Unveiled 

    Diversifying their criminal activities, Menge and Drabert went beyond financial embezzlement, according to the US Department of Justice. 

    The law enforcement agency stated that the individuals utilized “high-end graphics cards,” school district property, and electricity to establish and operate a crypto mining farm within the school district. 

    The illegally mined crypto assets were then redirected to wallets under their control. Additionally, Menge is alleged to have exploited school district-owned vehicles, acquiring a Chevy truck at a discounted price and selling it for personal profit while using a Ford Transit van as his vehicle.

    The overall magnitude of the embezzlement was staggering. Menge misappropriated funds between $1 million and $1.5 million, while Drabert was found guilty of stealing between $250,000 and $300,000. 

    The DOJ revealed that the ill-gotten gains were used for “lavish” personal expenses. Menge indulged in remodeling his residence, purchasing luxury vehicles, including a Ferrari sports car, and funding other personal endeavors. Drabert, on the other hand, utilized stolen funds to renovate his vacation cabin and for various personal expenses.

    The guilty pleas by Jeffrey Menge and Eric Drabert, former officials of Patterson Joint Unified School District, shed light on a shocking case of embezzlement and crypto mining fraud within the education system. 

    The daily chart shows the total crypto market cap’s valuation at $1.6 trillion. Source: TOTAL on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com 

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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