---
title: "Crypto market hit by closures and accelerating institutional sell-off"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/287420304.md"
description: "The crypto market faces significant challenges as five firms, including Fantasy.top and Bitcoin Depot, shut down due to weak demand and regulatory pressures. Institutional selling intensifies, with Coinbase premium at a monthly low and $1 billion in outflows from U.S.-listed Bitcoin ETFs. Market predictions indicate a likelihood of further Bitcoin declines, although some executives believe it remains in a supported trading zone."
datetime: "2026-05-23T05:29:18.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/287420304.md)
  - [en](https://longbridge.com/en/news/287420304.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/287420304.md)
---

# Crypto market hit by closures and accelerating institutional sell-off

Wave of closures: Five crypto firms, including Fantasy.top, Everclear, and Bitcoin Depot, are shutting down due to weak demand, revenue shortfalls, and regulatory pressure. Institutional exits mount: Coinbase premium hit its lowest this month, reflecting stronger U.S. institutional selling, while U.S.-listed spot Bitcoin ETFs saw $1 billion in weekly outflows. Market outlook split: Prediction markets assign significant probabilities to further Bitcoin declines, while some executives maintain it is trading in a highly supported zone.

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