Massive Exodus: Crypto Spot Funds Experience Record $528 Million Outflow Amid Market Turmoil

Digital asset investment products experienced their first outflow of funds in four weeks, totaling $528 million, according to CoinShares. This outflow is linked to concerns about a possible US recession, geopolitical issues, and a general sell-off in the market. Bitcoin funds lost $400 million, while Ethereum (ETH) saw an outflow of $146 million.

Also the crypto money market on the stop trading exchanges also saw huge outflow & huge amount of liquidation, as the prices changed rapidly. 

In this situation, the majority of Bitcoin proponents are trying to offer better suggestions to help people remain optimistic and stay strong with their holdings in order to gain significant benefits in the long term.

Crypto & blockchain intelligence firm stated “While you sold all your coins, companies like BlackRock, MicroStrategy, Grayscale, and Fidelity did not.” 

A popular Bitcoin-focused account, Bitcoin X, posted: “When you finally give your kids their #Bitcoin inheritance. 😂 They will never understand what you went through to HODL for them.“

With this statement the X user highlighted the value of Bitcoin as a precious asset that can be passed down to future generations, subtly encouraging people not to sell their holdings.

Michael Saylor, the former CEO of MicroStrategy, a top Bitcoin holder and business intelligence firm, shared a Bitcoin diamond hand emoji to encourage people to hold Bitcoin despite its significant price fluctuations.

Richard Teng, the CEO of Binance, explained that the recent sharp drops in cryptocurrency and stock prices are mainly due to macroeconomic factors. 

Teng reassured people that these drops do not indicate a long-term negative trend. He noted that potential rate cuts by the Federal Reserve (Fed Res) and ongoing geopolitical issues could still lead to market fluctuations. His message encourages people not to panic and to stay calm during these changes.

Read also: Taiwan Stock Market Plunges to Its Worst Performance in 57 Years – Does It Have a Bad Connection with Cryptocurrencies?