Here’s what happened in crypto today
Need to know what happened in crypto today? Here are the main developments affecting Bitcoin, Ethereum, DeFi, NFTs, market regulation and investor risk.
Kanye West’s YZY token: massive losses for most, a few big winners
The Solana-based YZY token, launched on Aug. 21, initially spiked about 1,400% in its first hour and then plunged more than 80%. Data shows roughly 51,000 traders suffered a combined $74 million in losses, while a very small number of wallets — 11 accounts — booked profits exceeding $1 million. At the time of reporting, YZY was trading near $0.55 with fewer than 20,000 holders.
Investigators and on-chain analysts flagged possible insider activity around the launch. Reports named an individual previously linked to another token scandal who reportedly realized around $12 million from early activity, and at least one public figure (former kickboxer Andrew Tate) was reported to have lost about $700,000 on a leveraged position opened against the token.
Spot Ether ETFs continue to outpace Bitcoin ETFs
Over the past five trading days, spot Ether exchange-traded funds drew about $1.83 billion in inflows compared with roughly $171 million flowing into spot Bitcoin funds. Wednesday marked the fifth straight trading day where Ether ETF inflows exceeded those for Bitcoin ETFs. Across the nine Ether funds, aggregate inflows were reported at $310.3 million for the day, with BlackRock’s iShares Ethereum Trust accounting for the bulk of that. By contrast, the eleven spot Bitcoin funds recorded around $81.1 million in inflows on the same day, led by BlackRock’s iShares Bitcoin Trust.
CFTC adopts Nasdaq surveillance technology to fight market abuse
The U.S. Commodity Futures Trading Commission is integrating a market-surveillance tool developed by Nasdaq to modernize its monitoring capabilities. The software is designed to detect suspicious trading patterns and link activity across venues, helping regulators identify insider trading and market manipulation in both traditional and digital asset markets. Officials say the system will use data the CFTC can access through its regulatory powers to provide near–real-time analysis of order books and cross-market behavior.
These stories underline two broader themes: (1) celebrity- or influencer-backed token launches remain highly risky and prone to extreme volatility and suspected manipulation, and (2) institutional tools and products — from ETF flows to regulator surveillance systems — continue to reshape market dynamics and oversight.
