The world’s largest spot Bitcoin exchange-traded fund (ETF) lost half of its assets under management last Friday, which may have triggered BTC’s crash over the weekend. The Purpose Bitcoin ETF saw an outflow of 24,510 bitcoin at the time, its most severe single-day redemption.

Input Output Hong Kong (IOHK), the blockchain engineering firm responsible for Cardano’s research and development, has announced a one-month delay to the launch of the long-awaited Vasil hard fork.

Crypto lender BlockFi has secured a $250 million credit facility from popular cryptocurrency exchange FTX. In a tweet, BlockFi CEO Zac Prince confirmed the company “signed a term sheet with FTX” to secure the credit facility.

Top stories in the Crypto Roundup today:

• ‘Enormous Outflows’ From Bitcoin ETF May Have Triggered Crash
• Cardano Developers Delay Vasil Hard Fork
• BlockFi Secures $250 Million Credit Facility From FTX

‘Enormous Outflows’ From Bitcoin ETF May Have Triggered Crash

The world’s largest spot Bitcoin exchange-traded fund (ETF) lost half of its assets under management last Friday, which may have triggered BTC’s crash over the weekend. The Purpose Bitcoin ETF saw an outflow of 24,510 bitcoin at the time, its most severe single-day redemption.

The outflows meant that the fund had to sell around $500 million in bitcoin, which added to the selling pressure in an already shaky cryptocurrency market, according to Norway-based Arcane Research.

Arcane analyst Vetle Lunde was quoted saying:

“The enormous outflows are likely caused by a forced seller in a huge liquidation. The forced selling of the 24,000 BTC could have triggered BTC’s move down towards $17,600 this weekend.”

Bitcoin tumbled below $18,000 earlier this month as traders reacted to potential insolvencies in the industry, as crypto lender Celsius Network halted withdrawals, and crypto hedge fund Three Arrows Capital confirmed it suffered heavy losses.

Cardano Developers Delay Vasil Hard Fork

Input Output Hong Kong (IOHK), the blockchain engineering firm responsible for Cardano’s research and development, has announced a one-month delay to the launch of the long-awaited Vasil hard fork.

The hard fork is set to bring a “massive performance improvement” according to Charles Hoskinson, Cardano’s founder. The upgrade is a major one that involves four different Cardano Improvement Proposals (CIPs).

IOHK’s head of delivery and project, Nigel Hemsley, noted that the team working on the hard fork is “extremely close to finalizing the core work” although there are still several bugs that need to be worked on.

The Cardano Foundation, a non-profit organization overseeing the development of Cardano, has agreed with Input Output Global to defer sending the Vasil hard fork to Cardano’s testnet from June 20 until June 29.

Once the hard fork is implemented on the testnet, decentralized application and stake pool operators will have four weeks to “carry out any required integration and testing work” before the Vasil hard fork comes to the mainnet.

BlockFi Secures $250 Million Credit Facility From FTX

Crypto lender BlockFi has secured a $250 million credit facility from the popular cryptocurrency exchange FTX. In a tweet, BlockFi CEO Zac Prince confirmed the company “signed a term sheet with FTX” to secure the credit facility.

Before the deal with FTX, BlockFi had been struggling to close a fresh round of venture funding, with sources suggesting it was having to cut its valuation to win over investors. Crypto lenders, which offer high-yield accounts to investors, have come under scrutiny after Celsius halted customer withdrawals.

BlockFi reportedly liquidated the collateral on a loan from Singapore-based cryptocurrency hedge fund Three Arrows Capital. Earlier this year the U.S. Securities and Exchange Commission charged BlockFi for failing to register its crypto lending products with it, BlockFi agreed to pay $100 million in penalties.

The $250 million revolving credit from FTX is expected to keep the company afloat as it works to improve its situation.

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