As the U.S. and Taiwan stock indexes frequently break new highs, the so-called "election market" does not seem to be favoring the cryptocurrency market. The only "large external fund" Bitcoin spot ETF currently has a net outflow of more than US$100 million for six consecutive days last week . BTC fell to 62K level, ETH 3400, and the top ten cryptocurrencies by market capitalization showed a slow decline. Since the 30th, SOL has experienced a maximum drop of 25%, BTC has dropped 7%, and ETH has dropped 8%. BNB, which recently broke a new high, fell by nearly 5%. Only TON, which has relatively concentrated chips, maintained an increase of nearly 18%.
From the perspective of Volume/Mcap (trading volume to market capitalization ratio), the market activity today (6/24) is low, and stablecoins are the most actively traded assets, showing the selling status of today's multi-currency market. Meme coins are still the most popular non-stable currency market. NOT, WIF, ORDI, FLOKI, PEPE, and BONK have all shown a certain degree of decline, and each of them comes from different blockchains, demonstrating that memes are fading across fields.
( Meme Generation! What meme coin is more liquid than USDT? Observed from Volume / Mcap indicator )
( Community opinion: Meme coins will gradually disappear and will not change venture capital )
Interestingly, LayerZero (ZRO), which was heavily shorted because the airdrop dissatisfied the community, also has a considerable degree of trading enthusiasm.
Days without copycat season
There is a lack of water in the pond, Web2 venture capital has shifted its attention, and the AI topic currently has more long-term influence; traditional trading funds in the Bitcoin spot ETF market both arbitrage through basis trading (accounting for 13% of ETF managed assets) , and also meets the diversified investment needs involved in crypto assets. As a result, no more attention is given to innovation in the cryptocurrency market.
Looking forward, current existing cryptocurrency investors are "tired of technology", "lack of out-of-the-circle themes", "tired of venture capital involvement" and "demand for low chips and high leverage", making it more difficult for this water-starved pond to show healthy trading flexibility .
