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

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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 fell 5% or more today on news that a major market maker is paring down operations.

The two biggest digital currencies, Bitcoin and Ether, were relatively robust 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%.

The 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 all fell over 7%.

The price action may 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 heightened by 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.

While there were some market watchers quick to pin the day's selloff on GSR paring back operations, a dashboard from the controversial analytics platform Arkham Intelligence suggests otherwise - the firm's total holdings increased by 16.9 to $75.35 million 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 percent gain on a day when the protocol processed a record $100M in volume. RUNE surged 54% on the week, up 54% compared to the same period a year ago.