According to cryptocurrency analysis firm Arkham, popular DJ Steve Aoki has exited the cryptocurrency market after heavy losses. The platform took to X and stated that the DJ sold $30,000 worth of Shiba Inu (SHIB) and Ethereum (ETH), while moving his funds to Gemini. Arkham notes that Aoki still holds 9 Bored Ape NFTs that were worth $800,000 in 2021. However, the NFT market has since crashed, and each of the 7 pieces are currently worth around $13,800 each.
Is Steve Aoki’s Cryptocurrency Exit A Warning Of What’s Coming?
The cryptocurrency market has faced substantial struggles over the last few months. Aoki’s Shiba Inu (SHIB) holdings may have particularly hit him hard, given that the asset has underperformed for over a year.
Additionally, apart from Aoki’s cryptocurrency holdings, his NFTs have lost considerable value. The NFT market was booming in 2021 and 2022, but things have changed over the last few years. Digital artworks don’t seem to interest buyers, and hype has all but died today.
Also Read: Cryptocurrency Market Spends Nearly 1 Month In Extreme Fear
While Aoki’s exit from the cryptocurrency market is fair, given his losses, it may not be the best thing to do for most investors. Selling your assets at a loss, especially given that the crypto market works in cycles, may be disservice to your holdings. The cryptocurrency market has shown time and time again that bearish forces are part of the deal, and they come and go like the tide in the ocean. Take the example of Bitcoin (BTC). The asset fell to the $15,000 mark after the collapse of FTX in 2022. However, little over two years later, BTC climbed to the $100,000 mark for the first time in history. While the market is in bear territory right now, it will most likely rebound once the larger economy improves and geopolitical tensions cool off.