As Bitcoin (BTC) price rallied above $110k on Monday, June 9, Ethereum (ETH) price jumped over 7 percent in the last 24 hours to trade about $2,686 during the late North American trading session. The large-cap altcoin, with a fully diluted valuation of about $323 billion and a 24-hour average trading volume of around $19 billion, rebounded from the lower border of a consolidation level of around $2,480.
As a result, the ETH price has been retesting a crucial local resistance level around $2,681, whereby the Ether price was rejected four times in the past four weeks.
Major Reasons Ethereum Price Will Rally Higher This Week
Strong Institutional Adoption and ETF Flows
According to market data analysis from CoinShares, Ethereum’s investment product dominated last week’s cash inflow with about $296 million. Notably, Ether’s investment product outpaced Bitcoin’s, which recorded a net cash outflow of about $56.5 million last week.
As Coinpedia had reported, BlackRock’s ETHA has recorded significant cash inflows in the past two weeks, suggesting a strong demand from institutional clients.
Altseason Sentiment
Ethereum price is well positioned to rally towards a new local high this week fueled by the rising narrative of altseason 2025. With Bitcoin dominance signaling an imminent market reversal, more crypto investors are betting on a major altcoin rally in the near future.
Furthermore, the ETH/BTC pair is heavily oversold in the weekly timeframe, amid the recent market reversal.
Regulatory Clarity
Earlier on Monday, the U.S. Chair Paul Atkins highlighted that American crypto investors have the right to self-custody of crypto assets. Additionally, Chair Atkins highlighted that a new and clear set of DeFi regulations are needed to foster the development of the nascent blockchain technology.
With Ethereum harboring the largest DeFi space, with a total value locked (TVL) of about $63 billion and a stablecoins market cap of around $124 billion, the altcoin is well positioned to rally further in the near future.
The Supreme Court recently dismissed a petition filed by WazirX users following the platform’s major hack in July 2024. The hack, which resulted in the theft of Rs. 2,000 crore worth of crypto, left over 4.4 million users locked out of their accounts.
This incident, and the court’s rejection of the petition, has highlighted the glaring gaps in India’s crypto regulations, leaving users vulnerable and raising questions about the country’s ability to protect digital asset holders.
The WazirX Hack: A Blow to 4.4 Million Users
On July 18, 2024, WazirX, one of India’s largest crypto exchanges, was targeted in a massive hack that saw a significant portion of user funds stolen. Despite the exchange’s promise to restore 85% of users’ funds by May 2025, many affected users are dissatisfied with the compensation plan. This led 54 users to file a petition with the Supreme Court, seeking intervention in the ongoing restructuring process happening in Singapore, and requesting a thorough investigation into the exchange’s fund mismanagement.
Supreme Court’s Decision: A Setback for Users
The Supreme Court, led by Justice B R Gavai and Justice Augustine Masih, dismissed the petition, citing the absence of clear crypto regulations in India. The ruling underscored the limitations of the current legal framework, leaving victims of crypto hacks, such as the WazirX incident, with little recourse in the Indian legal system.
WazirX’s Restructuring Plan: Fund Recovery on the Horizon
In response to the hack, WazirX management proposed a restructuring plan to the Singapore Court, promising to restore 85% of affected user funds by May 2025. The remaining 15% will be returned over the following 2-3 years, depending on the exchange’s recovery and future profits. While the restructuring plan has received user support, the Singapore court’s approval is still pending.
WazirX Users Vote in Favor of the Recovery Plan
Despite the legal hurdles, WazirX claims that more than 93% of users support the exchange’s restructuring proposal, following a vote conducted in partnership with legal firm Kroll.
The Call for Crypto Regulation in India
The WazirX case serves as a wake-up call for India, highlighting the urgent need for a clear and robust cryptocurrency regulatory framework. While countries like the U.S. have embraced pro-crypto policies, India’s regulatory stance remains largely outdated. The WazirX hack exposes how India’s failure to adopt progressive crypto laws leaves users at risk, preventing the sector from reaching its full potential.
As the global crypto landscape continues to evolve, India risks falling behind if it does not address its regulatory shortcomings. The WazirX saga illustrates the challenges faced by users in a legal vacuum, emphasizing the need for stronger regulations to protect the growing crypto community in India.
FAQs
How does WazirX’s restructuring plan work for affected users?
WazirX’s restructuring plan aims to restore 85% of the crypto portfolios for affected WazirX users by May 2025. The remaining 15% of the funds will be returned over the next 2-3 years, depending on the exchange’s recovery and future profits. This plan is part of the ongoing restructuring process being presented in the Singapore court. While WazirX claims over 93% of users support this proposal, the plan still awaits court approval.
What steps are WazirX users required to take to benefit from the proposed 85% fund recovery in the restructuring plan?
WazirX users need to stay updated on the restructuring process, accept the plan, and possibly verify their accounts to claim their share of the 85% fund recovery.
Why is WazirX promising to restore only 85% of the users’ funds, and what happens to the remaining 15%?
WazirX is restoring 85% due to financial constraints after the hack. The remaining 15% will be returned over 2-3 years, depending on the exchange’s future profits and recovery.
How does WazirX plan to recover the remaining 15% of funds over the next 2-3 years for users affected by the hack?
WazirX plans to recover the remaining 15% through future profits and successful financial recovery, returning the funds once the exchange is in a better financial position.
The post WazirX News: 85% Fund Recovery Plan Explained for Affected Users appeared first on Coinpedia Fintech News
The Supreme Court recently dismissed a petition filed by WazirX users following the platform’s major hack in July 2024. The hack, which resulted in the theft of Rs. 2,000 crore worth of crypto, left over 4.4 million users locked out of their accounts. This incident, and the court’s rejection of the petition, has highlighted the …
Solana price tumbled 4% to hit $169 on Friday, May 16, after bankrupt crypto exchange FTX confirmed a $5 billion creditor payout.
On Thursday, the Solana (
Solana Price Action, May 16, 2025
SOL) price fell to $169, losing intraday support at $170 for the first time in May. This decline follows news that FTX will unstake and redistribute assets to fulfill its second major payout.
FTX’s estate said on May 15 that it would begin distributing $5 billion in digital assets to claimants on May 30. The payout will be processed via BitGo and Kraken, with settlement expected within 1–3 business days.
FTX Payouts aligns with 1.4B SOL Staking Withdrawals
Solana price weakness coincides with an uptick in bearish positioning across Layer-1 tokens. According to StakingRewards, over 1.4 million SOL has been unstaked in the past seven days.
Solana Staking Flows, May 16, 2025 | Source: StakingRewards.com
This move likely includes large portions held by FTX, which has been working to liquidate assets. At $169 per token, the un-staked SOL is valued at approximately $236 million.
Such large token movements typically generate sell pressure, especially if the assets enter exchanges or OTC desks for liquidation.
Solana’s sell-off appears part of a broader downturn in Layer-1 tokens. Coingecko data shows Ethereum fell 2.7% to $2,500, while XRP and Cardano posted 4% losses each.
This synchronized decline suggests macro-driven sell pressure, likely triggered by investors locking in gains before FTX’s payout introduces additional volatility risks.
Can Bitcoin Rally and ETF Optimism Anchor Solana Markets?
Despite SOL’s pullback, Bitcoin (BTC) price has remained above $100,000 for seven consecutive trading days, the first such stretch since January 2025.
This stability could help contain broader market panic. Historically, BTC resilience often stabilizes sentiment in large-cap altcoins such as Solana.
Solana ETF Approval Odds hit 82%, May 2025 | Source: PolyMarkets
PolyMarkets data currently shows an 82% probability of SEC approval for altcoin ETFs by June 16. This could position Solana as a preemptive buy for strategic traders looking to front-run a potential SEC approval verdict next month.
Looking Ahead: Critical Weeks Ahead for Solana Price
The 4% SOL price dip from Thursday reflects both internal sell pressure and broader market rotation. FTX’s $5 billion distribution and associated unstaking remain the dominant narrative this week.
For bulls, reclaiming $170 and holding above $150 is essential to sustain momentum. With ETF optimism still looming and BTC holding firm, a rebound remains plausible, if fresh market demand driver emerge to offset the ongoing Solana sell-offs.
Until then, Solana price remains vulnerable to further downside risk, especially if large wallet holders join the sell-off.
Solana Price Forecast Today: SOL Faces Pressure Below $175 With Risk of Breakdown Toward $160
Solana (SOL) price forecast charts show vulnerability signals following a sharp 9.67% intraday drop on May 15, with only a modest 1.34% rebound to $171.42 failing to inspire strong bullish conviction.
Thursday’s session showed price closing just above the Volume Weighted Average Price (VWAP) at $170.53, but the overall market structure remains fragile. The prior day’s high-volume sell-off, recorded at 7.17 million, reflects a meaningful rejection near the $185 level and a subsequent loss of momentum from buyers.
Technically, Solana has now slipped below the mid-point of the Keltner Channel, with $170.53 acting as weak interim support.
More so, SOL price action is notably hugging the lower half of the volatility envelope, and continued failure to reclaim the upper KC resistance at $181.06 casts doubt on bullish momentum.
Solana price forecast | SOLUSDT
Adding to downside risk, Bitcoin price forecast today, while relatively stable above $103,000, lacks clear bullish momentum. Without strong bullish momentum from BTC, altcoins like Solana are left more exposed to volatility risks.
Volume delta trends further emphasizes the sell-side pressure, with recent negative bars outpacing buying, suggesting distribution rather than accumulation at these levels.
Should SOL lose support at $170.53, the next clear downside target emerges at $161.74 to the lower Keltner band.
A break below this level would confirm a short-term bearish reversal, opening the door to $145 to $150, especially if macro sentiment weakens or Bitcoin falters.
Until Solana must post a decisive close above $175 with accompanying volume, for bulls to stand a chance of invalidating the bearish forecast.
