Breaking: These 3 Crypto Hodlers Lost $1.40 Billion In BTC Bloodbath
On a day when Bitcoin is down 14%, crypto-bullish institutional investors are standing to be one of the largest losers. In the space of 24 hours, BTC price dropped to a low of $23,458.60 from a high of $28,240.
Loss Of Interest In BTC, ETH Among Institutional Investors
Statistics revealed last week that institutional investors were significantly losing interest in Bitcoin and Ethereum. The ongoing crypto meltdown, which also witnessed the Terra crash last month, is seeing huge selling activity.
During last week, BTC witnessed total outflows of $57 million, while the month-to-date outflows stood at $91 million.
Likewise, Ethereum witnessed massive selling activity due to two major setbacks. While the delay of Ethereum Merge had huge impact on trading activity, the depegging of stETH from ETH worsened it. A total of $41 million was witnessed in institutional outflows, while the year-to-date outflows stood at $387 million.
So far on Monday, the huge decline in Bitcoin price had a direct impact on the overall cryptocurrency market. Also, MicroStrategy, which is the largest institutional holder of Bitcoin at 129,218 coins, extended losses to its stock price.
Data on public companies owning Bitcoin revealed massive losses incurred by top institutional investors. Central American country El Salvador is in top three among Bitcoin holding institutions, although it is not really a company.
In a shocking revelation, a staggering $1.39 billion in BTC was lost between the top three investing companies. MicroStrategy is followed by Elon Musk’s Tesla and El Salvador with each holding 129,218, 42,902, and 2,301 bitcoins respectively.
Three Holders With Significant Market Share
The losses are significant in the larger context of trader sentiment in the crypto market. Together, the top three institutional investors hold nearly 0.90% of the total available supply of Bitcoin, which is 21 million.
As a result, the price drop continues to drive the institutional investors to sell their holdings. The cryptocurrency market has dropped below the $1 trillion mark for the first time in months. It stands at around $960 million, losing more than $1.5 trillion in a space of eight months.
In a latest, Bitcoin has after trading around $23,500 for a while, regained a bit. As of writing, BTC is trading at just above the $24,000 mark.
- US President Promises Deal With China on Everything As ‘Trump Insider’ Begins To Close Bitcoin Shorts- Is A BTC Recovery Ahead?
- Just-In: Changpeng “CZ” Zhao Counters Peter Schiff, Says “Tokenizing Gold Is Not On-Chain Gold”
- $240 Million Hacked Crypto Exchange WazirX Reopens Deposits But Faces Community Backlash
- Expert Flags Pi Network Team as Source of Selling Pressure After Reported 1.2M PI Dump
- Ripple’s Chris Larsen Expands XRP Realized Profit to $764M Amid Evernorth Deal
- BNB Price Forecast: Analysts Eye $1500 Ahead of Fresh Coinbase and Robinhood Listings
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
