Trump-linked WLFI triples Ether holdings, Solana sees $485M outflows: Finance Redefined
The cryptocurrency market has been plagued by volatility in recent weeks, with investors shifting their assets to perceived safer investments amid macroeconomic concerns and crypto-specific events. However, one platform has taken a different approach - United States President Donald Trump's DeFi platform, WLFI.
WLFI triples Ether holdings
According to data from Arkham Intelligence, WLFI has tripled its Ether (ETH) holdings over the past week as the cryptocurrency's price briefly dipped below $2,000. The decentralized finance (DeFi) platform now holds about $10 million more in ETH than a week earlier.
Additional acquisitions
The latest acquisitions by WLFI include an additional $10 million in Wrapped Bitcoin (WBTC) and $1.5 million in Movement Network (MOVE) tokens. These additions come as the platform sits on a total unrealized loss of over $89 million across the nine tokens it invested in, Lookonchain data shows.
Solana sees $485M outflows
In February, Solana saw nearly half a billion dollars in outflows as investors shifted their assets to what were perceived to be safer digital assets. The capital exodus came amid a wider flight to "safety" among crypto market participants.
Reasons behind the outflows
The Binance Research report shared with Cointelegraph stated that there is a broader flight towards safety in crypto markets, with Bitcoin dominance increasing 1% in the past month to 59.6%. The report also mentioned that some of the capital flowed into BNB Chain memecoins, driven in part by CZ's tweets about his dog, Brocolli.
Trump to host first White House Crypto Summit
US President Donald Trump will host the first White House Crypto Summit on March 7, bringing together industry leaders to discuss regulatory policies, stablecoin oversight and the potential role of crypto in the digital asset stockpile. The summit is expected to be a major event in the cryptocurrency space.
DeFi interest surges
The venture capital funding into blockchain and cryptocurrency startups accelerated in February, with decentralized finance (DeFi) projects attracting significant investment flows. According to data from The TIE, 137 crypto companies raised a combined $1.11 billion in funding in February.
Bybit hacker launders 100% of stolen funds
The Bybit exploiter has laundered 100% of the stolen funds after staging the biggest hack in crypto history. However, some of the loot may still be recoverable by blockchain security experts.
Crypto market trends
According to data from DefiLlama, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green. The Cardano (ADA) token rose over 46% as the bigger gainer in the top 100, driven by the token's inclusion in Trump's upcoming Digital Asset Stockpile.
Conclusion
The cryptocurrency market is experiencing significant volatility and shifting investor sentiment. However, platforms like WLFI are taking a different approach, investing in assets despite the current market conditions. The upcoming White House Crypto Summit is expected to be a major event in the industry, and DeFi projects continue to attract significant investment flows.