Analysts at the Bitfinex cryptocurrency exchange reported that over the past month, investors withdrew a total of $55 billion from the cryptocurrency industry.

The researchers drew their conclusions based on the total realized value of Bitcoin and Ethereum, as well as the five largest stablecoins: USDT, USDC, BUSD, DAI and TUSD. Capital outflows have impacted the available liquidity of both the first cryptocurrency, stablecoins, and ETH.

“A deep study of the data revealed a new trend – by the beginning of August, capital outflow began in the industry. August was the worst month for Bitcoin since November 2022. The capitalization of the first cryptocurrency decreased by 11.29%,” the exchange report notes.


Bitfinex analysts also found that August saw the return of so-called “event volatility,” where individual events significantly impact asset prices and market movements.

“We believe that while volatility indicators continue to remain fairly low, the liquidity crisis in the market has allowed individual events to have a significant impact on market movements. Low liquidity is also confirmed by open positions in futures and options on BTC,” the researchers write.

Earlier, Bloomberg analyst Mike McGlone said that Bitcoin’s correction did not happen without reason and that the near future will be difficult for the cryptocurrency sector.