Let the data speak: The altcoins exploded with amazing trading volume under the decline, and the US funds bought!
Because the market fell in the early morning, the data was unstable. I specially put the data that should be counted on Friday into Saturday. After that, most of the time, it may be put into the daytime trading time statistics. After all, the daytime market has been stable recently.
From the perspective of market value changes, compared with Thursday's data, the overall market value has shrunk. As the market value shrinks, the proportion of Bitcoin has increased, and the proportion of Ethereum and altcoins has decreased. In the decline, Bitcoin is more resistant to the decline because of ETFs, but under the negative news, Ethereum and altcoins are more miserable.
The most surprising thing is the trading volume. The early morning decline rebound caused the market's 24-hour trading volume to surge to more than 220 billion transactions, but these transactions did not come from Bitcoin and Ethereum, but from altcoins. The altcoins recorded a 24-hour trading volume of 177.482 billion (from 15:00 yesterday afternoon to 15:00 today), which is an exaggerated data.
Originally, in the short-term decline and rebound of the market, the trading volume was basically anchored in Bitcoin, and very few were generated in Ethereum, and it was rare for altcoins to have a single burst of trading volume. The burst of trading volume of Shanzhai also proves that with the decline, the market risk preference has changed. More traders are optimistic about the future market, so they choose to buy the bottom in the selling pressure of the decline. Therefore, the high trading volume of Shanzhai can be regarded as a positive for market sentiment.
In terms of funds, the market value of stablecoins increased by 100 million, the market value of USDT increased by 47 million, and the market value of USDC decreased by 316 million. Combining the increase in market stablecoins and actual trading conditions, the decrease in the market value of USDC is caused by traders choosing to buy tokens. However, the recent inflow of USDC has indeed weakened a lot, and it has been consuming its own stock, which is a bit bad.
From the overall data, a large number of transactions were bought in Shanzhai during the early morning decline. Some traders are still optimistic about the future market, or optimistic about the dot plot and inflation data next week. This week's market game on the employment market and unemployment rate ended in failure, so continue to wait for the CPI inflation data next Wednesday and more news on the Fed's dot plot in the early morning of Wednesday.
