Here’s what happened in crypto today

Today in crypto, Elon Musk’s X platform has been targeted by a cyberattack, while crypto exchange-traded products (ETPs) recorded a fourth straight week of outflows, with $876 million in losses during the past trading week. Meanwhile, Utah’s senate has passed a Bitcoin bill — but without the originally proposed Bitcoin reserve provision.

Elon Musk: There is a ‘massive cyberattack against X’

The X social media platform has been hit with a “massive cyberattack” that has prevented some users from accessing the site, platform owner Elon Musk confirmed on March 10.

“We get attacked every day, but this was done with a lot of resources. Either a large, coordinated group and/or a country is involved,” Musk said.

Although user functionality was quickly restored, Musk implied that the attack was still ongoing.

There were more than 33,000 reports of X outages on March 10, according to Downdetector.

Musk confirmed the cyberattack in response to a social media user who detailed a series of attacks against the entrepreneur’s interests, from protests against the Department of Government Efficiency (DOGE) to vandalism of Tesla stores.

As NBC News reported, there have been at least 10 acts of vandalism against Tesla stores and vehicles, likely in response to the billionaire entrepreneur’s involvement in the Trump White House.

Crypto ETPs see fourth straight week of outflows, totaling $876 million

After posting record weekly outflows of $2.9 billion last week, crypto ETPs continued their downward trend, bringing the four-week total outflows to $4.75 billion, CoinShares reported on March 10.

While the pace of outflows slowed, investor sentiment remained bearish, according to James Butterfill, head of research at CoinShares.

The analyst also suggested that the market has shown signs of capitulation.

Bitcoin (BTC) ETPs were the primary driver of outflows, accounting for $756 million, or 85% of last week’s total. Short-Bitcoin ETPs also saw outflows of $19.8 million, the most since December 2024. 

With cumulative outflows reaching $4.75 billion over the past four weeks, the year-to-date inflows dropped to $2.6 billion.

Total assets under management (AUM) declined by $39 billion to $142 billion, the lowest point since mid-November 2024, driven by both negative price movements and sustained outflows, Butterfill noted.

This bearish sentiment was also observed among a wide range of altcoins last week, with Ether (ETH) ETPs seeing $89 million of outflows.

Tron (TRX) and Aave (AAVE) were also among the most notable ETP losers, seeing $32 million and $2.4 million in outflows, respectively, according to the report.

Utah’s Senate passes Bitcoin bill — but scraps key provision

Utah’s Bitcoin (BTC) bill has passed the state Senate, but without a cornerstone clause that would have made it the first US state with its own Bitcoin reserve.

The HB230 “Blockchain and Digital Innovation Amendments” bill now only provides Utah citizens with basic custody protections, the right to mine Bitcoin, run a node and participate in staking, among other things.

The bill is now headed to Utah Governor Spencer Cox’s desk to be signed into law.

The reserve clause would have authorized Utah’s treasurer to invest up to 5% of digital assets with a market cap above $500 billion over the last calendar year in five state accounts. It was scrapped in the third and final reading. 

“There was a lot of concern with those provisions and the early adoption of these types of policies,” one of the bill’s sponsors, Senator Kirk A. Cullimore, said in Utah’s March 7 floor session.

“All of that has been stripped out of the bill.”