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Cryptocurrency industry lost over $ 55 billion in August

2:50 pm, September 17, 2023

Analysts of the Bitfinex cryptocurrency exchange reported that investors withdrew more than $ 55 billion from the cryptocurrency industry last month. The researchers made their conclusions based on the total realized value of BTC and ETH, as well as the five largest stablecoins: USDT, USDC, BUSD, DAI, and TUSD.

Capital outflows have affected the available liquidity of the flagship cryptocurrency, stablecoins, and the main altcoin. «An in-depth study of the data revealed a new trend — capital outflows have been observed in the industry since the beginning of August. August was the worst month for bitcoin since November 2022. Bitcoin’s capitalization decreased by 11.29%,» the Bitfinex report says.

Bitfinex analysts also found that in August, the so-called «event volatility» returned, when individual events significantly affect asset prices and market movements. «We believe that although volatility levels continue to be quite low, the liquidity crisis has allowed individual events to have a significant impact on market movements. Low liquidity is also confirmed by open positions in BTC futures and options,» the researchers emphasized.

According to analysts at Cointelegraph Research, August was the worst month for the cryptocurrency market since bitcoin hit a local bottom last November at around $ 15,000. «What many initially thought was a summer slump has turned into a pronounced dec line,» the experts emphasized.

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ETH

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7.46%

BNB

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1.76%

XRP

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SOL

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