Crypto Market Down Reasons: BlackRock, XRP Price Decline, and FTX
The crypto market down trend continued today, and it’s making traders nervous. From Ethereum and XRP price swings to FTX repayments and Pi Network’s gaming push, May 31 brought a mixed bag of updates. If you're wondering what's happening across major coins, here's a full update.
Cetus Recovers $160 Million After Major Hack
One of today’s most positive updates comes from Cetus Protocol, which faced a massive hack earlier. After weeks of planning, Cetus has now officially recovered $160 million worth of frozen cryptocurrency. This was made possible after 90.09% of community members voted to move the funds into a safe wallet.
This wallet is controlled by three trusted teams—Cetus, the Sui Foundation, and blockchain security firm OtterSec. The cetus hack news is being seen as an example of how quick action and teamwork can save DeFi projects, even after a serious attack.
BlackRock Dumps Bitcoin, Loads Up on Ethereum
In a surprising shift, BlackRock sold Bitcoin—over 4,100 BTC—and instead bought 27,700 ETH, according to Ash Crypto. This massive BlackRock Ethereum purchase is making waves, especially during a week when the overall crypto market is down.
Analysts report that ETH ETF inflows hit $70.2 million in just 24 hours, hinting at institutional confidence. Ethereum is now trading around $2,520, and if it holds the $2,485 level, we might see a jump toward $2,600–$2,700. BlackRock’s move is being seen as a big bet on Ethereum’s long-term value.
FTX Begins $5 Billion Repayment to Users
There’s good news for FTX users. The exchange announced the second phase of repayments, releasing over $5 billion to qualified users. If you completed the verification steps, your payout should arrive within 1 to 3 business days.
This FTX repayment update brings hope to thousands of affected customers. It also gives a rare positive sign during a week when the crypto market crash has made many investors cautious.
XRP Drops Hard—Whale Faces $8.4M Loss
XRP price decline continued today as the token fell to $2.1533, according to CoinMarketCap, moving below its 50-day average. XRP is now down 36% from its yearly high, and that’s causing pain for leveraged traders.
One major whale is now sitting on an unrealized loss of $2.6 million. He opened a 3x leveraged position at $2.37, and if the price hits $1.39, it will trigger a full liquidation. His other long positions in ETH, Solana, and Cardano are also deep in the red. The total loss for the week? Over $8.4 million.
This shows how quickly traders can get burned when the crypto market is down and leverage is involved.
Pi Network Bets Big on Web3 Gaming
The Pi Network is quietly building. The team has just launched a new app called FruityPi, which connects directly to the Coin, Pi Wallet, and Pi Ad Network.
The idea is simple—use gaming to drive real utility and user growth. This Pi coin game update was shared live on the Pi Mainnet by users like “Mr. Spock,” showing working transactions inside the app. Although the Pi coin price is still falling, currently standing around $$0.6366, reflecting a crash of around 5.85% from the past day.
Why Is the Crypto Market Down Today?
So, why is the crypto market down today? The answer isn’t just one thing. The main reasons include investor fear, profit-taking by whales, and weak macro signals. Some believe it’s temporary, while others think more pain may come if Bitcoin and ETH break key support zones.
Final Thoughts
The crypto market down trend may be worrying, but there are still signs of progress. Cetus recovered stolen funds. FTX started paying people back. Pi Network is building tools that actually work. Even BlackRock is reshuffling their crypto bets, shifting from Bitcoin to Ethereum.
In short, the space remains active—even during red days. Keep watching, stay smart, and always do your own research before making moves.
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