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

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

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

APE, a central hub for the Bored Apes ecosystem, and LUNC, the token of the failed Luna ecosystem, crashed over 10 percent in the most recent quarters.

MATIC, GMX and APTOS were among those that fell below 7%.

The price action 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 news that GSR, a market maker and investment firm that has been operating in crypto for ten years, had five highly-skilled 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 - 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 3.8% gain on a day when the protocol processed a record $100M in volume. On the weekly chart, RUNE has surged 54%.