Here’s what happened in crypto today

Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.

Today in crypto, Kanye West’s YZY token crashed over 80% after launch, leaving 51,000 traders with $74M in losses while a handful of insiders profited millions. Spot Ether ETFs have clocked their fifth consecutive day beating their Bitcoin counterparts, with data revealing its inflows are ten times higher than Bitcoin ETFs since Thursday. Meanwhile, the US Commodity Futures Trading Commission is rolling out Nasdaq’s market surveillance tool to crack down on market abuse.

Kanye West’s YZY (YZY) token has left most investors in the red, with over 51,000 traders losing a combined $74 million while only 11 wallets booked profits of more than $1 million, data from Bubblemaps shows. The Solana-based token, launched on Aug. 21, surged 1,400% in its first hour before dropping more than 80%.

As of now, YZY is trading at $0.55, down over 80% from its peak, with fewer than 20,000 holders, according to Nansen. Former kickboxer Andrew Tate lost $700,000 after opening a leveraged short on the token, Cointelegraph reported.

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