Today in crypto, Kanye West's YZY token faced a dramatic drop, crashing over 80% after its launch, resulting in combined losses of $74 million for over 51,000 traders. Just eleven wallets reported profits exceeding $1 million, showcasing potential insider trading concerns in the launch. YZY, based on Solana, had surged 1,400% initially but fell to $0.55, with fewer than 20,000 holders remaining. Former kickboxer Andrew Tate reported a $700,000 loss on the token. This incident underlines the risks associated with celebrity-backed cryptocurrencies, as many of these tokens have seen significant declines since their launches. In contrast, Ether ETFs have outperformed Bitcoin counterparts, with $1.83 billion in inflows compared to Bitcoin's $171 million over the same period. BlackRock's iShares Ethereum Trust accounted for a significant portion of the Ether inflows. Meanwhile, the US Commodity Futures Trading Commission announced the integration of Nasdaq’s surveillance tool to improve oversight in digital asset markets, aiming to enhance detection of market abuse and manipulation.

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