Markets
What to know: 🚨
- Major cryptocurrencies fell early Monday, continuing the November downtrend. 📉
- The decline happened as an incident at DeFi platform Yearn Finance affected its yETH liquidity pool. 🧨
Bitcoin, ether, and other major tokens slipped early Monday, extending a bruising November close amid fresh panic from DeFi platform Yearn Finance. 🤯 Welcome to the crypto rollercoaster, where the track is made of uncertainty and the seats are optional! 🎢
BTC, the leading cryptocurrency by market value, fell over 3% to nearly $87,000 during the early Asian trading hours. Ethereum‘s native token ETH fell 5% while SOL, DOGE, XRP fell over 4%, according to CoinDesk data. 💸
The sell-off accelerated hours after Yearn’s X alert flagged an “incident” in the yETH liquidity pool while mentioning that its V2 and V3 Vaults remain secure and unaffected. 🛡️ But hey, at least the vaults aren’t totally broke, right? 🤷♂️
Social media chatter suggested that the attacker exploited a vulnerability to mint vast amounts of yETH in a single transaction, draining the liquidity pool and making off with around 1,000 ETH ($3 million), which was routed through mixers. 🕵️♂️ A crypto thief with a PhD in chaos theory, perhaps? 🧠
Yearn’s issue comes days after leading Korean exchange Upbit suffered a multi-million dollar hack and underscores how institutional inflows have bloated crypto market valuations without fortifying the security infrastructure. 🏗️ It’s like building a house of cards… but with a mortgage. 🏠
The early Asian session sell-off triggered liquidations exceeding $400 million in leveraged crypto futures, primarily affecting long positions, according to data source Coinglass. This indicates that many traders were betting on a price rebound and were caught off guard by the sudden downturn. 🤯 “I thought it was a bubble, not a bomb!” 🚨
Bitcoin ended November (UTC) with a 17.5% loss, the biggest since March, even though prices recovered from nearly $80,000 to over $90,000 in the final week of the month. Ether fell 22%, registering its worst performance since February. 📉 “Crypto: where every month is a ‘black Friday’ for your wallet.” 🛒
The dour performance came as institutional demand weakened significantly. The U.S.-listed spot BTC ETFs bled $3.48 billion in net outflows in November, the second-largest redemption on record, per data source SoSoValue. Ether ETFs lost a record $1.42 billion in outflows. 🧨 “Investors: fleeing faster than a bear market at a party.” 🏃♂️
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2025-12-01 04:36