In a note to investors Wednesday, analysts at the investment bank noted that all major exchanges experienced outflows last week but Gemini, OKX and Crypto.com had the most “severe” draining of funds.  Analysts also said that the stablecoin market is getting smaller—and this may continue to hurt the price of other major cryptocurrencies like Bitcoin. 

FTX was one of the most popular digital asset exchanges but last week imploded—losing billions of dollars of investors’ cash. The fall of the exchange sent shockwaves through the crypto market, sending prices of major coins and tokens plunging. Bitcoin, the largest cryptocurrency by market cap, hit a two-year low following the fallout.