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Cryptocurrency market wiped out $55 billion in August, report says
This article briefly:
·In August, Bitcoin (BTC) prices fell by more than 10%, recording the largest monthly decline since bottoming out in November 2022.
· Bitcoin miners contributed significantly to the selling pressure in August as production costs matched market prices.
·More than $55 billion worth of funds were squeezed out of the market, based on the total realized value metric.
In August, the price of Bitcoin (BTC) fell by more than 10%, its largest monthly decline since November 2022. At the same time, more than $55 billion worth of capital was reportedly removed from the market.
August was a highly volatile month for the crypto market, with Bitcoin falling from a high of nearly $30,000 to $25,200. August's volatility was largely news-driven.
Capital outflows worth $55 billion
According to a report from Bitfinex, approximately $55 billion was withdrawn from the market in August from Bitcoin, Ethereum (ETH) and five major stablecoins. Cryptocurrency exchanges use aggregated realized value metrics to arrive at their results.
Bitfinex explains the metric:
“It analyzes the realized capital of BTC and ETH, as well as the total supply of the top five stablecoins: USDT, USDC, BUSD, DAI, and TUSD.”
The total realized value indicator showed outflows worth $55 billion. Source: Bitfinex Report
Bitcoin miners largely responsible for selling pressure
Although the supply of Bitcoin in the wallets of long-term holders is almost at an all-time high, miners have been selling off Bitcoin. The report mentioned that Bitcoin miners are the only long-term group exiting their on-chain positions.
According to cryptocurrency exchange estimates, the production cost of Bitcoin is nearly $24,287 per BTC. Bitfinex believes that miners have been selling because the cost of production is almost equal to the market price of Bitcoin.
Moreover, data from Glassnode shows that Bitcoin balances in miners’ wallets have dropped significantly since August 25.
The Bitcoin balance in the miner's wallet. Source: Glassnode
Finally, the report mentioned that the crypto market is experiencing event-based volatility. Take Bitcoin's plunge to $25,200 on August 17 as an example. Grayscale defeated the U.S. Securities and Exchange Commission (SEC) on August 29, resulting in a surge of 8%.
Do you have anything to say about encrypting the August data or anything?