Overview:
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Bitcoin recorded USD 2.38 billion in net inflows; BlackRock’s EBIT led last week‘s inflows with USD 1.158 billion.
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QNT climbed 260% over the week, reaching a five-year high near USD 370.
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Wintermute-linked wallet accumulated USD 126.25 million in Hyperliquid shorts.
Major developments swept through the cryptocurrency market recently, highlighted by spot Bitcoin ETFs pulling in USD 2.38 billion in net inflows last week alongside a 260% weekly spike for QNT. Additionally, the hacker behind the Bitget exploit initiated their first transaction since the September 24 breach, while Wintermute-linked short positions on HYPE climbed to USD 126 million.
Bitcoin Witnessed USD 2.38 Billion in Inflows Last Week
Data from SoSoValue indicates that Bitcoin spot ETFs accumulated USD 2.38 billion in net inflows across the trading days of last week. BlackRock’s IBIT captured the highest weekly net inflow among these funds, pulling in USD 1.158 billion.
Fidelity’s FBTC secured the second spot with a weekly net inflow of USD 702 million, lifting the product’s cumulative total net inflow to USD 11.06 billion.
Conversely, the WisdomTree Bitcoin Trust (BTCW) experienced the largest weekly net outflow at USD 4.016 million, bringing its cumulative total net inflow to USD 78.65 million.
Overall, the total net asset value for Bitcoin spot ETFs reached USD 108.42 billion, translating to an ETF net asset ratio of 6.43% and a historical cumulative net inflow amounting to USD 57.55 billion.
QNT Surged to Five-year High
QNT rallied to a five-year peak near USD 370 before selling pressure from bears trimmed those gains, leaving the cryptocurrency trading around USD 205 and still showing a 260% increase for the week.
The primary catalyst behind the upward movement was the announcement that The Clearing House chose Quant to support its On-Chain Money Initiative. X user Ted Pillows pointed out additional drivers that likely contributed to QNT’s performance.
He revealed that Quant technology is integrated into Murex MX.3—software utilized by 65 out of the top 100 banks globally—and noted that the European Central Bank selected the project to assist in testing the digital euro.
Also Read: Bitcoin vs Federal Reserve: How Monetary Policy Shapes BTC
Bitget’s USD 387 Million Hacker Attempts First Transaction
A wallet connected to the Bitget hack began transferring stolen funds for the first time since the crypto platform suffered losses exceeding USD 387 million during a security breach on September 24.
On-chain monitors identified a primary address controlled by the attacker moving Ethereum (ETH) into THORChain vaults on Monday, where the assets were swiftly converted into Bitcoin (BTC).
Blockchain records indicate the perpetrator transferred ETH to THORChain in several increments—frequently in batches of 100 ETH—before executing swaps for BTC via the decentralized cross-chain protocol.
Bitget reported that private keys were not compromised during the incident. Instead, the exploit reportedly stemmed from a vulnerability in a vital backend component that permitted fraudulent transaction data to bypass the exchange’s authorization checks.
Wintermute’s Hyperliquid Shorts Reach USD 126 Million
An address associated with Wintermute established approximately USD 126.25 million in short exposure on Hyperliquid, anchored primarily by a roughly USD 46.92 million Ethereum short.
Onchain Lens noted on September 28 that the monitored account maintained short positions across multiple digital assets, holding about USD 963,600 in unrealized profits at the time of the snapshot.
The analytics provider estimated the wallet’s cumulative lifetime profit and loss at roughly USD 197.22 million. On-chain researchers have repeatedly tied the address, 0xecb63caa47c7c4e77f60f1ce858cf28dc2b82b00, to Wintermute’s Hyperliquid trading activity.
UK’s Crypto Licensing Window
The Financial Conduct Authority will open its new crypto authorization portal at 7 am UK time on September 30. Companies have until February 28, 2027, to submit initial applications prior to the enforcement of a new regulatory framework on October 25, 2027.
For businesses awaiting regulatory determinations by that juncture, the submission timestamp of a valid application can dictate whether they may continue servicing clients or must transition strictly to winding down legacy contracts. The FCA has already released its final perimeter guidance alongside a 73-page application preview.
The preliminary documentation requests significantly more detail than just a corporate name and anti-money laundering registration number. Applicants must specify their exact business activities, map out the regulatory permissions required for each service, identify controlling entities, outline customer asset and grievance protocols, and demonstrate compliance with financial and operational benchmarks.
Also Read: Ethereum Eyes USD 2,800 as ETF Inflows Extend to Five-Day Streak
FAQs:
1. How much did Bitcoin spot ETFs attract last week?
Bitcoin spot ETFs recorded USD 2.38 billion in weekly net inflows. BlackRock’s IBIT led with USD 1.158 billion, followed by Fidelity’s FBTC with USD 702 million.
2. Why did QNT surge 260% in a week?
The rally coincided with The Clearing House selecting Quant for its On-Chain Money Initiative. Other cited developments include Quant’s integration with Murex MX.3 and its involvement in digital-euro testing.
3. What happened to the funds stolen from Bitget?
A wallet linked to the September 24 Bitget breach began moving funds, sending ETH through THORChain and swapping assets into Bitcoin. The exchange has attributed the breach to a compromised backend component rather than stolen private keys.
4. How large are the Wintermute-linked Hyperliquid short positions?
On-chain tracking identified approximately USD 126.25 million in short positions associated with a Wintermute-linked wallet. The largest reported position was a roughly USD 46.92 million ETH short.
5. When does the UK’s new crypto licensing window open?
The FCA’s crypto authorization gateway is scheduled to open on September 30, 2026, with the main application window running until February 28, 2027, ahead of the new regime beginning October 25, 2027.
