Celebrity DJ and former NFT influencer Steve Aoki has liquidated his cryptocurrency holdings and exited the market, according to blockchain intelligence firm Arkham. Aoki sold approximately $30,000 worth of Shiba Inu (SHIB) and Ethereum (ETH) and transferred the proceeds to the Gemini exchange, signaling a retreat from digital asset speculation after sustaining significant portfolio damage. His remaining holdings consist of 7 Bored Ape Yacht Club NFTs, acquired for over $800,000 during the 2021 market peak, which have now collapsed in value to roughly $13,800 each—a staggering loss exceeding 95% from their all-time highs.

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.

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.