{"id":551548,"date":"2023-09-15T12:45:19","date_gmt":"2023-09-15T12:45:19","guid":{"rendered":"https:\/\/wncen.com\/?p=551548"},"modified":"2024-06-11T08:03:00","modified_gmt":"2024-06-11T08:03:00","slug":"how-much-pulled-crypto","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/how-much-pulled-crypto\/","title":{"rendered":"New Reports Shows How Much Capital Was Pulled Out Of Crypto In August"},"content":{"rendered":"

The crypto industry is known for its sheer price movement volatility, driven mainly by events and liquidity crunches. Since the beginning of the year, there has been a noticeable and consistent outflow of cash from the cryptocurrency market, which is unsurprising.\u00a0<\/span><\/p>\n

According to Bitfinex\u2019s latest report, this capital drain was evident in August, as the crypto market saw an exit of about $55 billion in capital from major cryptocurrencies.<\/span><\/p>\n

$55 Billion Drained In The Past Month<\/h2>\n

Bitfinex’s analysis, which measured the aggregate realized value metric of Bitcoin (BTC), Ethereum (ETH), and major stablecoins like Tether\u2019s USDT, USD Coin (USDC), BUSD, Dai, and TrueUSD (TUSD), indicates that about $55 billion in capital exited the market in August.<\/span><\/p>\n

Related Reading: The Real Reason Behind That Bitcoin Transaction With A $500,000 Fee Has Been Revealed<\/a><\/div>\n

Although the market struggled for most of the first half of the year, things became different in July as Bitcoin spearheaded inflows. During this period, <\/span>Bitcoin crossed $30,000<\/span><\/a> for a while as over $100 billion has entered the market. However, the <\/span>momentum changed in early<\/span><\/a> August, as profit-taking and continued mixed signals from the US economy triggered outflows.\u00a0<\/span><\/p>\n

\u201cA deep dive into the data reveals a prevailing trend: by early August, the industry had begun to experience capital outflows,” said the <\/span>report<\/span><\/a>.<\/span><\/p>\n

Interest from institutional investors during this period, especially, started to wane as digital asset investment funds registered outflows after four weeks of heavy inflows. The trend has continued to the time of writing, as the run of outflows now totals $294 million.\u00a0<\/span><\/p>\n

What Caused The Crypto Capital Drain?<\/h2>\n

The report from Bitfinex shows that August’s capital drain was the biggest this year, especially for Bitcoin. Most of this drain came from two isolated events, resulting in immense price movement in a relatively short period. In particular, the August 17 flash crash saw Bitcoin’s price drop by 11.4% in a few hours.\u00a0<\/span><\/p>\n

\u201cAugust was the largest red monthly candle for BTC since the bear market bottom was formed in November 2022 at \u201311.29 percent as per Bitfinex Data.\u201d<\/span><\/p>\n

The crypto derivative market has also had a similar trajectory. Ether (ETH) futures and options markets have slowed considerably in 2023. The average daily trading volume is down almost 50% from the two-year average to $14.3 billion daily.\u00a0<\/span><\/p>\n

Related Reading: Why This Crypto Exchange Founder Believes Bitcoin Can Still Rise 150% From Here<\/a><\/div>\n

Bitcoin has also seen some liquidity crunches, <\/span>as data shows almost<\/span><\/a> 69% of all mined Bitcoin have not moved in over a year. On the other hand, this suggests a high conviction from investors and a buoyant outlook on the future of the digital currency.\u00a0<\/span><\/p>\n

September has been relatively quiet regarding price movement, and the industry awaits the beginning of the next bull market. However, this crypto exchange founder believes that a bull run already <\/span>started in March<\/span><\/a> but the market is yet to catch on.<\/span><\/p>\n

\"Crypto<\/p>\n

Total market cap falls to $1.03 as outflows continue | Source: Crypto Total Market Cap on Tradingview.com<\/a><\/pre>\n
Featured image from Forkast News, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The crypto industry is known for its sheer price movement volatility, driven mainly by events and liquidity crunches. Since the beginning of the year, there has been a noticeable and consistent outflow of cash from the cryptocurrency market, which is unsurprising.\u00a0 According to Bitfinex\u2019s latest report, this capital drain was evident in August, as the crypto market saw an exit of about $55 billion in capital from major cryptocurrencies. $55 Billion Drained In The Past Month Bitfinex’s analysis, which measured the aggregate realized value metric of Bitcoin (BTC), Ethereum (ETH), and major stablecoins like Tether\u2019s USDT, USD Coin (USDC), BUSD, Dai, and TrueUSD (TUSD), indicates that about $55 billion in capital exited the market in August. Related Reading: The Real Reason Behind That Bitcoin Transaction With A $500,000 Fee Has Been Revealed Although the market struggled for most of the first half of the year, things became different in July as Bitcoin spearheaded inflows. During this period, Bitcoin crossed $30,000 for a while as over $100 billion has entered the market. However, the momentum changed in early August, as profit-taking and continued mixed signals from the US economy triggered outflows.\u00a0 \u201cA deep dive into the data reveals a prevailing trend: by early August, the industry had begun to experience capital outflows,” said the report. Interest from institutional investors during this period, especially, started to wane as digital asset investment funds registered outflows after four weeks of heavy inflows. The trend has continued to the time of writing, as the run of outflows now totals $294 million.\u00a0 What Caused The Crypto Capital Drain? The report from Bitfinex shows that August’s capital drain was the biggest this year, especially for Bitcoin. Most of this drain came from two isolated events, resulting in immense price movement in a relatively short period. In particular, the August 17 flash crash saw Bitcoin’s price drop by 11.4% in a few hours.\u00a0 \u201cAugust was the largest red monthly candle for BTC since the bear market bottom was formed in November 2022 at \u201311.29 percent as per Bitfinex Data.\u201d The crypto derivative market has also had a similar trajectory. Ether (ETH) futures and options markets have slowed considerably in 2023. The average daily trading volume is down almost 50% from the two-year average to $14.3 billion daily.\u00a0 Related Reading: Why This Crypto Exchange Founder Believes Bitcoin Can Still Rise 150% From Here Bitcoin has also seen some liquidity crunches, as data shows almost 69% of all mined Bitcoin have not moved in over a year. On the other hand, this suggests a high conviction from investors and a buoyant outlook on the future of the digital currency.\u00a0 September has been relatively quiet regarding price movement, and the industry awaits the beginning of the next bull market. However, this crypto exchange founder believes that a bull run already started in March but the market is yet to catch on. Total market cap falls to $1.03 as outflows continue | Source: Crypto Total Market Cap on Tradingview.com Featured image from Forkast News, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":551551,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83386,3],"tags":[6664,15561,85323,14690,1558,14040],"class_list":["post-551548","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-news","tag-crypto","tag-crypto-adoption","tag-crypto-investors","tag-crypto-news","tag-cryptocurrency","tag-institutional-investors"],"acf":[],"yoast_head":"\nNew Reports Shows How Much Capital Was Pulled Out Of Crypto In August<\/title>\n<meta name=\"description\" content=\"Since the beginning of the year, there has been a noticeable and consistent outflow of cash 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"New Reports Shows How Much Capital Was Pulled Out Of Crypto In August","url":"http:\/\/wncen.com\/news\/how-much-pulled-crypto\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/how-much-pulled-crypto\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Crypto-outflows.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Crypto-outflows.jpeg?fit=1260%2C709"},"articleSection":"Crypto","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crypto","crypto adoption","crypto investors","crypto news","cryptocurrency","institutional investors"],"dateCreated":"2023-09-15T12:45:19Z","datePublished":"2023-09-15T12:45:19Z","dateModified":"2024-06-11T08:03:00Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"New Reports Shows How Much Capital Was Pulled Out Of Crypto In August\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/how-much-pulled-crypto\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/how-much-pulled-crypto\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Crypto-outflows.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Crypto-outflows.jpeg?fit=1260%2C709\"},\"articleSection\":\"Crypto\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crypto\",\"crypto adoption\",\"crypto investors\",\"crypto news\",\"cryptocurrency\",\"institutional investors\"],\"dateCreated\":\"2023-09-15T12:45:19Z\",\"datePublished\":\"2023-09-15T12:45:19Z\",\"dateModified\":\"2024-06-11T08:03:00Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Crypto-outflows.jpeg?fit=1260%2C709","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/551548"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=551548"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/551548\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/551551"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=551548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=551548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=551548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}