28 of top 100 crypto assets tumble on market maker's exit

28 of top 100 crypto assets tumble on market maker's exit

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.

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

The carnage was more pronounced in Altcoins Ripple, which is used for cross-border payments and is the fourth largest digital asset, lost over $1B in market capitalization after falling nearly 4%.

APE, which is central to the Bored Apes ecosystem, and LUNC, the token of the failed Luna ecosystem, crashed over 10%.

MATIC, GMX and APTOS also fell more than 7%.

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

The price action was marked 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 GSR paring back operations, but a dashboard from the controversial analytics platform Arkham Intelligence suggests otherwise, with the firm's total holdings up 16.9 to $75.35 million in the past week.

Some tokens are bucking the trend, as always.

RUNE, THORChain's token, a cross-chain swap protocol branching into lending and yield-generating vaults, posted a 3.8% gain on a day when the protocol processed a record $100M in volume. For the week, RUNE has surged 54%.