According to CoinShares, institutional investors withdrew $102 | FxPro

According to CoinShares, institutional investors withdrew $102 million from cryptocurrencies last week amid expectations of a tightening of monetary policy by the US Federal Reserve. The US regulator’s two-day meeting results will be announced todays.

BitMEX founder Arthur Hayes fears that the market has not yet hit rock bottom, and we could see a massive sell-off in cryptocurrencies if bitcoin falls below $20,000. Galaxy Digital head Mike Novogratz is convinced that bitcoin is close to the “bottom” and will hold above $20,000.

We believe Bitcoin may be close to its bottom, but it could take months until the next rally. During those months, the entire crypto industry will probably go through a furnace of fire, as we saw with Terra (Luna), and is now happening with Celsius. Stablecoins continue to be tested, and USDD being below parity with USD for the third day tells us that history with USDT (stable tied to Luna) could repeat itself several times.