The cryptocurrency market saw over $1.06 billion in liquidations within 24 hours, with Bitcoin (BTC) dropping below $50,000 and Ethereum (ETH) experiencing a steep decline. Long positions accounted for $902 million of the liquidations, while short positions made up $160 million. This sell-off was triggered by fears of a global recession, spurred by a rise in U.S. unemployment rates. Analysts predict further declines in BTC and ETH prices, citing weak market structures and global economic factors. The broader altcoin market also faced significant losses, with major coins like Solana, BNB, Dogecoin, and XRP all seeing double-digit drops.

Nexera Hacked for $1.5M: Smart Contract Vulnerability Exposed

Nexera, a decentralized finance (DeFi) protocol, was hacked, resulting in a $1.5 million loss of NXRA tokens. The exploit occurred via a smart contract vulnerability that allowed the attacker to take ownership of Nexera’s proxy contract and transfer all the NXRA tokens. Following the incident, Nexera paused its token contract and advised investors to halt trading NXRA. The hacker is selling the stolen tokens for Ether, and some funds have already been bridged to the Binance Smart Chain. Onchain investigator ZachXBT linked the hacker to previous private key compromises involving multiple other platforms. This incident follows closely on the heels of a $9.8 million exploit of the Ronin Network and comes weeks after a $230 million hack of WazirX.

August 6 Sees Second-Highest Inflows for ETH ETFs in Dollar Terms

Ethereum exchange-traded funds (ETFs) saw a significant inflow of nearly 40,700 ETH on August 6, surpassing the amount taken in on their debut day. However, due to the recent drop in ETH price, the dollar value of these inflows was lower than on the debut day, amounting to $98.4 million compared to $106 million on July 23. This makes August 6 the second-highest day for inflows in USD terms. Despite the market downturn, the interest in ETH ETFs indicates that institutional investors are “buying the dip,” as suggested by analysts and firms like FalconX and Swyftx. The overall crypto market also saw a rise in total market cap and significant liquidations in the last 24 hours.

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