First Mover Asia: BTC Falls Below $22.4K; Coinbase Shares Remain Alluring for Institutional Investors

Yet in a report, banking giant Citi said that crypto contagion fears tied to recent events, including digital asset lending platform Celsius’ failing, have peaked. Staked ether’s discount to ether (ETH) has narrowed, which suggests some liquidity stress may have passed, the report said, adding that the “acute deleveraging phase” has now ended given many of the large brokers and market makers in the sector have disclosed their exposures. In a further positive sign, stablecoin outflows have been stemmed, the bank said, and outflows from crypto exchange-traded funds (ETF) have also stabilized in recent weeks.