According to a report from Bitfinex, around $55 billion was withdrawn from the cryptocurrency market in August – the worst month for the cryptosphere since the 11.3% dip in capitalization seen in November 2022.
The majority of these funds were taken from leading digital assets and stablecoins such as Bitcoin (BTC), Ether (ETH), Tether (USDT), USD Coin (USDC), DAI and TrueUSD (TUSD).
Both spot and derivatives exchanges saw funds being pulled out.
Although a lawsuit victory against the SEC briefly improved Bitcoin’s standing on August 29, with a 7.6% surge in two hours, the effect was short-lived and BTC subsequently declined.
The waning interest in BTC and ETH futures further indicates an uncertain attitude of investors with regard to cryptocurrencies, the authors of the report conclude.