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The cryptocurrency world is not peaceful, people are panicking, why is it falling again?

ETH performs poorly, will the meme continue to grow?

The cryptocurrency world has not been peaceful in the past week. The mainstream value coins have been falling for a long time. In addition, the serial liquidation of CRV and the ZK airdrop have made people panic. Today, as Bitcoin fell below $65,000, the cryptocurrency world ushered in "519" again.

Even Ethereum, which has ETF expectations, can't escape the disaster. According to OKX market data, Ethereum fell below $3,400, with a 24-hour drop of 6.23%. SOL, which relies on meme narratives to go out of the circle, is also difficult to return to its high point under this market. As the market fell below $140, it fell 7.23% in 24 hours.

What followed was that the altcoins followed the market and fell generally. Among them, WLD, a major target of AI hype, fell below $3, with a 24-hour drop of 16.3%. According to incomplete statistics from BlockBeats, most altcoins have fallen by more than 20%, such as IO, which fell by 25.85% in 24 hours; USTC, which fell by 24.27% in 24 hours; KNC, which fell by 23.39% in 24 hours; BB, which fell by 23% in 24 hours; and NOT, which fell by 22.4% in 24 hours.

This year's market has been unpredictable, memes have disrupted market sentiment, and the market has alternated between bull and bear markets, which has also blinded analysts. However, the outflow of Bitcoin ETFs is still the main reason for this decline.

If ETFs are the treasure pot of this round of bull market, most of the funds they attract still remain in the Bitcoin ecosystem, and the crypto world led by Ethereum still relies on value coins and memes. The trend of value coins in this round of the market can be described as "downward", losing to the leader PEPE in the front and the rising star WIF in the back, and the celebrity coin MOTHER has even "broken the defense" of Ethereum.

And the entire crypto circle seems to have no new money entering the market. From the market value of crypto stablecoins, it can be seen that the market value has been maintained at around $160 billion for a long time. According to coinmarketcap data, the market value reached $162.6 billion at the time of writing, with a 24-hour decline of 0.05%.

The first "519" this year was after Bitcoin broke through $69,000 to set a record high. At that time, Bitcoin fell below $60,000 overnight, causing more than $10 billion in liquidation on the entire network, and the Bitcoin volatility index once reached 78.81, close to the highest value in a year. However, the daily trading volume of Bitcoin ETF at that time set a record of $10 billion. That pullback can also be considered a normal retracement phenomenon after the historical high.