Altcoins are experiencing a downward trend at the beginning of the week, as most digital assets are continuing to decline over several months.
At the time of this report, the total market capitalization of all cryptocurrencies (TOTAL) stands at $2.32 trillion, a decrease from $2.39 trillion earlier in the day, representing a $70 billion drop.
According to information from the crypto data aggregator Coinglass, there have been liquidated positions totaling over $242 million, primarily from traders who were trying to go long on altcoins.
Coinglass’s latest data reveals that investors who were bullish on Dogecoin (DOGE) have suffered the most losses in the last 12 hours, closely followed by other altcoins in the memecoin sector such as Shiba Inu (SHIB).
The decentralized finance (DeFi) sector is also facing significant losses, with several coins now reaching or nearing all-time lows.
DYDX, the native token of the Ethereum-based decentralized exchange (DEX), dropped to $1.40 early on Monday, marking a 95% decline from its peak and only a 28% move away from hitting all-time lows.
Curve Finance (CRV), a prominent DEX in the industry, hit an all-time low of $0.23 towards the end of last week after its founder experienced approximately $100 million in liquidations.
Institutional investors pulled out over $600 million from exchange-traded products (ETPs) last week, as reported by digital assets manager CoinShares, possibly due to the Federal Open Market Committee (FOMC) meeting being more hawkish than anticipated.
The outflows and recent price drops led to a decrease in total assets under management (AuM) from over US$100 billion to US$94 billion within the week.
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Disclaimer: The opinions expressed in this article are not financial advice. Investors should conduct thorough research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. All transfers and trades are done at the individual’s own risk, and any resulting losses are their responsibility. The Daily Hodl does not endorse the purchase or sale of any cryptocurrencies or digital assets, nor does it act as an investment advisor. Please note that The Daily Hodl engages in affiliate marketing.
