Altcoins have experienced a decline at the beginning of the week, as most digital assets continue on a downward trend that has lasted for several months.

As of the current moment, the total market capitalization of all cryptocurrency assets (TOTAL) stands at $2.32 trillion, a decrease from $2.39 trillion earlier in the day – representing a $70 billion drop.

Data from the crypto aggregator Coinglass indicates that there have been liquidated positions totaling over $242 million, primarily from traders who were attempting to go long on altcoins.

The latest data from Coinglass reveals that traders who were bullish on Dogecoin (DOGE) have suffered the most losses in the last 12 hours, closely followed by other memecoins like Shiba Inu (SHIB).

In the decentralized finance (DeFi) sector, there is a significant downturn, with several coins now reaching or nearing all-time lows. DYDX, the native token of the Ethereum-based decentralized exchange (DEX), plummeted to $1.40 early on Monday, marking a 95% decrease from its peak and a 28% drop from its all-time low.

Curve Finance (CRV), a prominent DEX in the industry, hit an all-time low of $0.23 last week after its founder faced about $100 million in liquidations.

Institutional investors have withdrawn over $600 million from exchange-traded products (ETPs) in the past week, likely due to the Federal Open Market Committee (FOMC) meeting being more hawkish than anticipated.

Commenting on the situation, CoinShares, a digital assets manager, stated, “This occurred under similar circumstances: a period of significant inflows followed by a more hawkish-than-expected FOMC meeting, prompting investors to scale back their exposure to fixed-supply assets. These outflows and recent price sell-off saw total assets under management (AuM) fall from above US$100bn to US$94bn over the week.”

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