28% of top 100 digital assets tumble

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28% of top 100 digital assets tumble

So much for a calm summer market - 28 of the top 100 digital assets dropped 5% or more today on news that a major market maker is paring down operations.

Bitcoin and Ether, the two biggest digital assets, were relatively robust, down less than 1% on the day.

The carnage was pronounced in Altcoins Ripple, which is used for cross-border payments and is the fourth-largest digital asset, after losing nearly 4% in market capitalization.

APE, the central element of the bored Apes ecosystem, and LUNC, the token of the failed Luna ecosystem, crashed over 10% in less than a year.

MATIC, GMX, and APTOS all fell by more than 7%.

It could serve as a wake-up call for investors after reaching what Glassnode called a'stage of extreme apathy and exhaustion' in an August 14 report.

The price action was influenced by the news that GSR, a market maker and investment firm that has been operating in crypto for ten years, had five high-ranking employees quit the company.

Some market watchers were quick to pin the day's selloff on the GSR paring back operations, but a dashboard from the controversial analytics platform Arkham Intelligence suggests otherwise - the firm's total holdings increased by 16.9 to $75.35M in the past week.

As always - some tokens are bucking the trend.

RUNE, the token of THORChain, a cross-chain swap protocol branching into lending and yield-producing vaults, posted a 3.8% gain on a day when the protocol processed a record $100M in volume. On the week, RUNE rose 54%.