Crypto markets have seen a significant outflow of around $75 billion in the past 12 hours, with total capitalization dropping to a monthly low of $2.48 trillion. Notably, meme coins are witnessing the most significant losses, with many experiencing double-digit drops. Bitcoin pioneer, Kyle Chassé, highlighted this trend as a "flight to quality," with investors shifting towards crypto assets that provide a function or serve a purpose.

Meme coin market capitalization has dropped 14% in the same period, now standing at $48.8 billion. Among the biggest losers was the MAGA coin TRUMP, which dropped 34%. Other meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), also saw double-digit losses.

However, it's not just meme coins that are feeling the heat. Altcoins are also experiencing heavy losses, with Solana (SOL) and Cardano (ADA) both dropping around 7%. Bitcoin fell to support at around $65,000 before recovering slightly. Despite these market fluctuations, the overall outlook remains optimistic as investors seek quality over hype in the crypto market.