The world of altcoins is experiencing a downturn as the week begins, with most digital assets continuing on a downward trend that has spanned several months.

As of the current moment, the total market cap of all cryptocurrencies (TOTAL) stands at $2.32 trillion, a decrease from the earlier value of $2.39 trillion – a drop of $70 billion.

According to data from Coinglass, there have been liquidated positions totaling over $242 million, mainly from traders who were trying to invest in altcoins.

Coinglass’s data indicates that investors who were bullish on Dogecoin (DOGE) have suffered the most losses in the last 12 hours, closely followed by other meme coins like Shiba Inu (SHIB).

The decentralized finance (DeFi) sector is also experiencing significant losses, with several coins reaching or nearing their all-time lows.

DYDX, the token native to the Ethereum-based decentralized exchange (DEX), plummeted to $1.40 earlier today, marking a 95% decrease from its peak and only a 28% difference from its lowest point.

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

Institutional investors have withdrawn more than $600 million from exchange-traded products (ETPs) in response to a more hawkish tone from the recent Federal Open Market Committee (FOMC) meeting, as reported by CoinShares.

The outflows and subsequent price drops have led to a decrease in total assets under management (AuM) from over US$100 billion to US$94 billion within the week.

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