Cryptocurrency investment funds lost almost $6 billion worth of Bitcoin as a result of the downturn of events in the crypto market between May and June, a new report by ‘UToday’ says.
“The beginning of the summer of 2022 could end up being one of the worst months for the entire market, which almost crashed to critical levels that would have affected the entire industry’s evolution in the long term” the report read in parts.
The report identified the Luna Foundation Guard as the biggest loser on the market, losing about $1.8 billion worth of Bitcoin.
According to the report, although being widely circulated, the crisis with Three Arrows Capital was not the biggest loss in the industry, as some might have expected.
“The notorious Three Arrows Capital was not the biggest loser on the market, despite being the most popular object of ridicule in the space since May.
“The chart is being closed by massive selling events conducted by public miners who got rid of around 19,000 Bitcoins, causing enormous selling pressure on the market in June and fueling BTC’s catastrophic run to $17,000,” it said.