Ether ETFs Outperform Bitcoin Amid Ethereum Rally

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Table of Content

In today edition we talk about

• Ripple's RLUSD Stablecoin Set for NY Approval, Launch Expected Soon

• DEXX Hack Impacts Over 8.6K Solana Wallets, Losses Near $30M

• Ether ETFs Outperform Bitcoin Amid Ethereum Rally

Ripple's RLUSD Stablecoin Set for NY Approval, Launch Expected Soon

The New York Department of Financial Services (NYDFS) is reportedly on the verge of approving Ripple Labs’ RLUSD, an overcollateralized, dollar-pegged stablecoin. The launch could happen as early as December 4, according to a Fox Business report on November 29.

Ripple’s Vision for RLUSD

Ripple aims to integrate RLUSD with its existing products, including XRP, to enhance liquidity and improve cross-border payments. Despite initial concerns among XRP holders about a shift in focus, Ripple has reaffirmed its commitment to both XRP and RLUSD.

Expansion and Compliance

Ripple began testing RLUSD on the XRP Ledger and Ethereum in August 2024, with plans to expand to other blockchains. The company promises third-party audits and monthly reserve reports to ensure transparency. It has also secured partnerships with exchanges like Uphold, Bitstamp, and Bitso.

The Stablecoin Market Opportunity

Ripple forecasts the stablecoin market to reach $2 trillion by 2028, signaling room for multiple issuers. RLUSD is positioned to compete with established stablecoins like USDC and USDT, addressing demand for trust, stability, and utility in the space.

This development underscores Ripple’s continued focus on compliance and innovation in the evolving stablecoin landscape.

DEXX Hack Impacts Over 8.6K Solana Wallets, Losses Near $30M

Crypto security firm SlowMist has identified more than 8,620 Solana wallets linked to the DEXX hack, with total losses now estimated at nearly $30 million. The attack, which occurred on November 16, exploited a private key leak, affecting around 900 users.

Initial and Ongoing Losses

Initially reported at $21 million, losses have climbed due to fluctuations in the value of memecoins involved. The incident marks the second-largest crypto hack in November, after Thala’s $25.5 million breach, which was fully recovered.

Recovery Efforts

DEXX has offered a bounty and token reward for the return of funds and is working with SlowMist and law enforcement to investigate the attack. The platform has committed to compensating affected users, though the extent depends on recovered assets. Despite outreach, including messages to the hacker, no response has been received.

Broader Crypto Theft Trends

November saw $71 million stolen in crypto hacks, contributing to a 2024 total of $1.5 billion, down 15% from 2023. Beyond hacks, scams like phishing and fraud schemes remain significant threats, with October alone seeing $20.2 million lost to phishing attacks.

DEXX continues to enhance security measures and aims to restart operations while supporting impacted users.

Ether ETFs Outperform Bitcoin Amid Ethereum Rally

Ether exchange-traded funds (ETFs) have seen stronger investor interest than Bitcoin ETFs recently, driven by Ethereum’s price rally and positive news for its ecosystem.

Key Inflows and Performance

From Nov. 22 to Nov. 27, Ether ETFs saw $224.9 million in net inflows, compared to $35.2 million for Bitcoin ETFs. This coincided with an 8% rise in Ethereum's price to over $3,590, while Bitcoin's price dipped 2% to $96,780, lifting the ETH-to-BTC price ratio to 0.037 BTC.

Factors Behind the Surge

Ethereum’s rally is attributed to a U.S. court victory for Tornado Cash, a privacy tool on Ethereum, and speculation that crypto advocate Paul Atkins might replace Gary Gensler as SEC chair. These developments have bolstered confidence in Ethereum's decentralized finance (DeFi) ecosystem.

Broader Context

Despite Ether's recent gains, Bitcoin ETFs remain dominant, recording $6.2 billion in net inflows this November, with $3.1 billion last week alone. However, some view Ethereum as a "catch-up trade" in the current market cycle, as it has lagged behind Bitcoin and Solana.

Looking Ahead

With increased demand for leveraged Ether ETFs, up 160% since the U.S. election, investors are eyeing Ethereum’s potential for further growth, especially under a potentially more crypto-friendly regulatory environment.

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