Wall Street has set its sights on the altcoin market.

The bull market is still spreading. Although Bitcoin has risen and fallen, Ethereum has reversed its decline and broken through $3,700. Defi, Layer 2 and other sectors have seen a general rise, and the altcoin market has finally begun to rejuvenate. But a few days ago, the situation was quite different. At that time, Bitcoin was close to $100,000, but altcoins were wailing everywhere, and the market was in a state of survival.

The altcoin market was bleak, but Wall Street had its eyes on it. Under the unprecedented regulatory benefits, Wall Street has set its sights on altcoin ETFs, and has also given the long-dormant altcoin market a winter charcoal fire.

Just a week ago, Bitcoin continued to break through and hit $99,000, making headlines in major media, but the community, which has always been active, was rarely silent. In this round of institutional-led bull market, most market participants did not get liquidity overflow. Instead, the altcoins they held were constantly sucked by Bitcoin, showing a negative decline. Compared with the vigorous bull market propaganda, participants felt bitter.

A typical example is Ethereum. Compared with other altcoins, ETH is already a recognized mainstream currency, but in terms of price trend, the relative rise is far less than Bitcoin. The exchange rate between ETH and BTC has continued to decline this year, from 0.053 to 0.032, and it has only started to rebound recently. Even Ethereum is like this, and other currencies are even more so.

But just recently, the dormant altcoin market seems to have come alive. SoL, XRP, LTC and Link were the first to start last weekend. Solana's DEX daily average trading volume exceeded US$6 billion, and XRP surged to US$1.63. This morning, Ethereum rose strongly to break through $3,600. The altcoin sector ushered in a general rise, and the Defi sector rose by 8.47% in 24 hours.

As for the reasons for the rise of altcoins, in addition to the positive sentiment brought by the bull market, Wall Street has made an indispensable contribution, and ETF is the most intuitive presentation.

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