Crypto Today (11/3/25): Mt. Gox Shocks the Market, X is Sttacked by Hackers, Investors Flee ETPs!

Jakarta, Pintu News – Today, March 11, 2025, the crypto world was again filled with important events that affected the market. Mt. Gox moved thousands of Bitcoins BTC0.36%->Current BTC PriceRp 1.361.044.6350.36%Market CapRp 33.034 TriliunTrading VolumeRp 1.590 TriliunCirculating SupplyRp 19.797.675 again, adding to the uncertainty amid the bearish trend.

Meanwhile, Elon Musk’s X platform suffered a massive cyberattack from hacker group Dark Storm, raising concerns about the security of the digital world.

Conversely, crypto exchange-traded products (ETPs) recorded outflows for the fourth consecutive week, indicating that investors are still skeptical of the cryptocurrency market.

Read the full news below!

Mt. Gox Moves Bitcoin Again, Market Gets Jittery

This week, Mt. Gox made another big move by moving 11,833 BTC, worth 15.1 trillion IDR ($926.2 million) on March 11, 2025. This was the second transfer in one week after the bankrupt platform, which has been in bankruptcy since 2014, also sent 12,000 BTC worth more than 16.3 trillion IDR ($1 billion) on March 6.

According to data from Arkham Intelligence, 11,501 BTC was sent to new wallets, while 332 BTC was moved to hot wallets that were likely used for creditor payments.

This move has the market even more concerned, as previous large moves have often been a sign of a major sale by Mt. Gox to settle its obligations to victims of past hacks.

Bitcoin (BTC) is still struggling to maintain its bullish trend, especially after it touched 1.25 billion IDR ($76,700), the lowest point in the last four months.

Also read: To buy BTC again, MicroStrategy prepares a fantastic fund worth $21 billion!

Elon Musk’s Platform X Attacked by Dark Storm Hackers!

Meanwhile, Elon Musk’s X platform (formerly Twitter) was the target of a massive cyberattack. A hacker group called Dark Storm claimed responsibility for the hack that left thousands of users unable to access X services.

According to cybersecurity firm SpyoSecure, Dark Storm leaders posted on Telegram, claiming that they had “taken over Twitter” and shared screenshots showing connection failures from various locations worldwide.

Elon Musk himself acknowledged this attack in a post on X, stating that “X is attacked every day, but this time it was done with great resources. There may be a large group or even a country involved.”

According to data from Downdetector, more than 33,000 reports of intrusions on X were reported on March 10, 2025. This incident further reinforces concerns about the security of the digital world, especially for users who store crypto assets on internet-based platforms.

Also read: 3 Analyst Pick Altcoins March 2025: Market Leaders and Rising Stars

Investors Massively Withdraw Funds from Crypto ETPs!

The crypto market is under pressure again with large fund outflows from crypto exchange-traded products (ETPs) for the fourth consecutive week. A report from CoinShares on March 10, 2025 showed that the total fund outflows in the last four weeks have reached 77.7 trillion IDR ($4.75 billion).

Although this week’s outflows were smaller than the previous week’s record 47.4 trillion IDR ($2.9 billion), market sentiment is still bearish. James Butterfill, head of research at CoinShares, said that many investors are starting to show signs of capitulation, selling assets at a loss due to fears that the market will fall deeper.

Most outflows came from Bitcoin ETPs, which lost 12.3 trillion IDR ($756 million) this week, about 85% of the total outflows. In fact, short Bitcoin ETPs, which are typically used to bet on BTC price declines, also saw outflows of 323 billion IDR ($19.8 million), the highest figure since December 2024.

Besides Bitcoin, Ethereum ETH0.76%->Current ETH PriceRp 31.104.2330.76%Market CapRp 0Trading VolumeRp 0Circulating SupplyRp 0 also recorded outflows of 1.4 trillion IDR ($89 million), while Tron TRX1.35%->Current TRX PriceRp 3.5381.35%Market CapRp 0Trading VolumeRp 0Circulating SupplyRp 0 and Aave AAVE2.43%->Current AAVE PriceRp 2.764.5202.43%Market CapRp 0Trading VolumeRp 0Circulating SupplyRp 0 lost Rp523 billion ($32 million) and 39.2 billion IDR ($2.4 million) respectively.

The total assets under management (AUM) of crypto ETPs also decreased by 637.7 trillion IDR ($39 billion), touching the lowest level since November 2024.

Conclusion

Today’s events have further exacerbated the already volatile state of the crypto market. Mt. Gox continuing to move large amounts of Bitcoin raised fears of potential BTC dumping in the market. Meanwhile, the cyberattack on X shows that digital security is still a big challenge for the cryptocurrency ecosystem.

On the other hand, large withdrawals from crypto ETPs for the fourth consecutive week signal that investors are still choosing to stay away from risk. Is it time for the crypto market to make a recovery, or is it the beginning of a deeper correction?

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Cointelegraph. Here’s what happened in crypto today. Accessed March 11, 2025.
• Featured Image: Generated by AI