Crypto market hit by closures and accelerating institutional sell-off
Complete. Here is the key summaryThe 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.
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.