According to a report released by cryptocurrency exchange Bitfinex, crypto market outflows reached $55 billion in August.
The analysis is based on the Total Realized Value metric, which measures the realized value of Bitcoin and Ethereum and the total supply of the top five stablecoins Tether, USDC, BUSD, DAI and TrueUSD (TUSD).
The report pointed out that an in-depth study of the data revealed a general trend: the industry began to experience capital outflows in early August, and lost approximately US$55 billion in the past month.
Capital outflows not only affect Bitcoin, but also the liquidity of Ethereum and stablecoins. Bitfinex said: “According to Bitfinex data, August was BTC’s largest monthly closing decline of 11.29% since the bear market bottom was formed in November 2022.”