Institutional investors are shifting their attention towards other cryptocurrencies. Bitcoin-based products has fallen notably – from 74.9% in January 2021, to 67.8% of total AUM by year-end — link
Over the last year, exchanges popular with Chinese traders have lost market share.
At the beginning of 2021, trading on Huobi accounted for roughly 15% of spot volume across the selected group of exchanges below. Today, that share is down to around 5% — link
#Bitcoin investors have realised large losses during this sell-off, with net daily losses between $600M and $875M/day.
Whilst these are significant sums, they remain small relative to $1B+ losses realised during the May-June capitulation, and the deleveraging of 4-December.