The report of the Bitfinex exchange says about the outflow of capital from the cryptocurrency market. During the month it amounted to $55 billion.
Funds predominantly withdrew from leading digital currencies and stablecoins such as bitcoin (BTC), ether (ETH), Tether (USDT), USD Coin (USDC), DAI and TrueUSD (TUSD).
August turned out to be the worst month for the cryptosphere since November 2022, when the capitalization of digital assets decreased by 11.3%, analysts stressed.
And funds were exiting both spot and derivatives exchanges.
Grayscale’s victory in a lawsuit against the Securities and Exchange Commission (SEC) briefly improved bitcoin’s position. On August 29, it jumped 7.6% in just two hours.
However, the effect was short-lived, and soon BTC went down.
Bitfinex also notes that open interest in BTC and ETH futures has decreased.
The weakening of interest suggests that most investors are skeptical and not yet ready to enter digital currencies, according to the authors of the study.