Crypto-bullish institutional investors are reaping the bloodbath after losing billions in their crypto portfolios. In 24 hours, the BTC price fell from a peak of $28,240 to a low of $23,199.30.
Various statistics suggest that institutional investors are losing their interest in top leading cryptocurrencies like Bitcoin and Ethereum. The continuing crypto collapse, which also saw the Terra fall last month, is seeing a lot of selling. Both coins experienced huge withdrawals last week.
Similarly, Ethereum saw tremendous selling activity as a result of two key setbacks. While the delay in the Ethereum Merge had a significant effect on trading activity, the separation of stETH from ETH exacerbated it. Institutional withdrawals were $41 million, bringing the year-to-date outflows to $387 million.
So far on Monday, the massive drop in the price of Bitcoin has had a direct influence on the whole cryptocurrency market. In addition, the famous business intelligence company, MicroStrategy, the biggest institutional Bitcoin holder, extended its loss greatly this year.
Data on publicly traded corporations that possess Bitcoin shows huge losses by major institutional investors. El Salvador, a Central American nation, ranks third among Bitcoin holding institutions, despite the fact that it is not a corporation.
A staggering $1.39 billion in Bitcoin was lost amongst the top three investment firms, according to alarming revelations. On the other hand, Elon Musk’s Tesla and El Salvador come in second and third, respectively.
