The crypto market is the only space where a $70 billion loss is probably not a big deal as the total valuation of all cryptocurrencies is well over $1.26 trillion.
While until a month ago, the same value was closer to $2 trillion, the first week of this month alone reversed the February rally.
Uniswap loses control
As the broader market was impacted, individual coins also didn’t stand a chance and each cryptocurrency crashed by at least 30% on May 9 and May 11.
Uniswap was no exception either, as the altcoin fell to the low of $5.31, which was down 19.40% in the past seven days.
This crash, unlike previous crashes, was not a good bet for anyone as losses hit investors from all directions, overwhelming some to even exit the crypto space entirely.
Many investors sold their holdings to avoid further losses.
Some Uniswap holders took the second path, selling about 700,000 UNI worth $3.5 million. Oddly enough, this cohort also included vendors (the long-standing HODLers) who are known for their HODLing style. through a bear market.
When this group of investors witnessed such losses, they resorted to dumping some of their assets out of sheer panic, consuming 16.93 billion days in the process.
May 13 was also the day investors moved their UNI, as the total trades executed on-chain involved 19 million UNI worth $96 million, which rested in losses.
However, the total on-chain realized losses on that particular day were over 69 million UNI, worth more than $353 million in total that day.
But it’s not just the spot market that took a hit, Uniswap, which is a DEX, also recorded a spike in transaction volumes in the week ending May 9. Overall, Uniswap saw a move of $24.54 billion against the generally low numbers of $11 billion to $15 billion.
However, other DEXs lost their dominance in the market as investors turned to HODLing, increasing Uniswap’s hold on the market to 79.9%, in a sense a win for Uniswap.
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