Specifically listed as securities by the SEC altcoins It’s had a big drop in the last hour.
MATIC 19%, LEFT 17%, ISLAND 16%, ELEPHANT 22% and SAND It fell by 19%.
OP, SUI, BSV, EOS Some tokens that are not listed as securities also fell. However BTC And ETH saw a slight decrease compared to these. The amount of liquidation exceeded US$ 200 million within 1 hour.
The Reason Behind The Big Drop Could Be The Big Fund Selling Its Cryptos
However, one of the possible reasons for the decline emerged. Scimitar Capital was said to be the fund that liquidated $2 billion in altcoins late Friday night in the massive crypto sale.
Our fund has made the strategic decision to liquidate our crypto holdings and return the capital to our esteemed LPs. We believe this move will provide enhanced stability and opportunities
— Scimitar Capital (@ScimitarCapital) June 10, 2023
This was confirmed in the statement made by the fund. In its official statement, the fund said:
“Our fund has made the strategic decision to liquidate our crypto assets and return capital to our valuable LPs. We believe this move will provide more stability and opportunity.”
Scimitar Capital is a private investment banking firm that provides capital and advisory for the acquisitions, recapitalizations, expansions and management buyouts of US-based middle market companies.
*Not investment advice.
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