Cardano
Not Cardano, Ethereum or Litecoin but outflows were solely focused on…
The ongoing cryptocurrency market has continued to witness major liquidations. Following a $24 billion decline on 26 June, the total crypto market cap slipped by $9.17 billion on 27 June. At press time, the total liquidations over the last day stood at $137 million. It was down from $145 million as compared to 27 June.
Catching the first train out
This certainly seems to be the case with cryptocurrency holders as highlighted in the latest Digital Asset Fund Flows Weekly report. CoinShares noted that digital asset investment products suffered over $420 million in outflows last week. In fact, this has been the largest since records began by a wide margin as depicted here.
Source: CoinShares
In terms of assets under management (AUM), last week’s outflows were the third-largest on record, representing 1.2% of the entire AUM of all funds that CoinShares tracks. The worst was outflows of 1.6% recorded during the 2018 bear market.
Geographically speaking, Canadian investors offloaded around $487.5 million worth of digital asset products last week. Importantly, United States-based investors accounted for more than half of the inflows with $41 million.
Nevertheless, the void remains too big to close and even the king coin suffered the repercussions.
“The outflows occurred on 17th June but were reflected in last week’s figures due to trade reporting lags, and likely responsible for Bitcoin’s decline to $17,760 that weekend.”
Exodus #101
Bitcoin [BTC] led the exodus charge as outflows solely focused on Bitcoin. The king coin saw net outflows for the week totalling $453 million, erasing almost all inflows year-to-date and leaving total Bitcoin AuM at $24.5 billion, the lowest point since the beginning of 2021.
Source: CoinShares
Apart from Bitcoin, other assets including Ethereum [ETH] ($10.9 million), Short Bitcoin ($15.3 million), Cardano [ADA] ($0.8 million), Tron [TRX] ($0.1 million), Polkadot [DOT] ($0.2 million), and other assets ($2.9 million) reported total inflows of $30 million last week. Overall, the result in net outflows reached a total of $423 million.
In addition, providers’ flow painted a similar picture as well. Stripping out the $493 million outflows reveals that other providers saw aggregate inflows totalling $70 million.
The withdrawals came from the Purpose Bitcoin ETF that stood at an amount equal to about 24,510 BTC. Furthermore, it is also likely that these enormous outflows are caused by a forced seller, thus leading to a huge liquidation.
Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
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