Let me talk about my views on the current market:

Divergence in the cryptocurrency market, all the altcoin funds have flowed out and continued to fall, BTC fell by 1000-2000 US dollars, and altcoins fell by 10-20 points. Bitcoin's new role as a safe-haven asset is to investors outside the circle: anti-inflation and safe-haven tools.

For investors in the circle: a safe-haven option relative to other cryptocurrencies.

Bitcoin no longer fully represents the overall trend of the cryptocurrency market

The change in value perception has led to differentiated market reactions.

The altcoin market has an unprecedented predicament

Lack of profit effect

Investor confidence has declined

Funds flow to safe-haven assets (such as Bitcoin)

Exchange token issues: 90% are the product of the previous bull market and are not suitable for the current market environment.

Lack of substantial income sources and user growth momentum.

Facing continuous pressure on fund diversion, the dilemma of zero-sum game (PvP)

On-chain activities are mainly zero-sum games, and it is not an exaggeration to say that it is a d-field

Small investors continue to provide liquidity for large investors and institutions.

Macroeconomics:

The potential loss of oil pricing power may accelerate the depreciation of the US dollar

The dollar that has lost its attributes may need to redefine its value, similar to the reset of the US dollar in the 1970s. Global economic risks (extreme situations)

Risk assets are at high levels, and both interest rate hikes and interest rate cuts lead to stock market rises that are not in line with economic laws. There is no reason to invest a lot of money in altcoins now. Interest rate cuts are a process of continuous force, not points but segments. The rise in stock market assets caused by interest rate hikes is to release expected hedging risks. In addition, if the US debt crisis cannot be transferred in large quantities and is eventually dealt with by printing money, then the reset of the US dollar will inevitably occur or is already on the way. If the US stock market plummets and re-triggers the collapse of market liquidity, then the US dollar will have another rapid tightening, causing another sudden deflation in the commodity field, and gold will fall. Like LPR, gold has limited downward movement and no upper limit. In extreme cases (such as severe inflation or economic crisis), gold prices and interest rates may rise sharply. The reason why the bull market only occurs after the interest rate cut collapse is also due to this.

Based on the above factors:

The cryptocurrency market is undergoing structural changes, and the correlation between Bitcoin and other cryptocurrencies has decreased.

Bitcoin is strengthening its status as digital gold and a safe-haven asset.