The cryptocurrency world has been turbulent in the past week. Mainstream value coins have been falling for a long time, and the CRV serial liquidations and ZK airdrops have caused panic among the people. Today, as Bitcoin fell below US$65,000, the cryptocurrency world once again ushered in "519".

Even Ethereum, which has ETF expectations, could not escape the disaster. According to OKX market data, Ethereum fell below $3,400, a 24-hour drop of 6.23%. SOL, which relied on meme narratives to become popular, also found it difficult to return to its high point under this market. As the market fell below $140, it fell 7.23% in 24 hours.

Then, altcoins followed the market and fell. WLD, a major target of AI speculation, fell below $3, a 24-hour drop of 16.3%. According to incomplete statistics from BlockBeats, most altcoins fell by more than 20%, such as IO fell by 25.85% in 24 hours; USTC fell by 24.27% in 24 hours; KNC fell by 23.39% in 24 hours; BB fell by 23% in 24 hours; NOT fell by 22.4% in 24 hours.

According to Coinglass data, the entire network has liquidated $318 million in the past 24 hours, of which long orders have liquidated $270 million and short orders have liquidated $48.1062 million. The total market value of cryptocurrencies has also fallen. According to CoinGecko data, the total market value has fallen to $2.45 trillion, a 24-hour drop of 4.4%.

Why did it fall again?

This year's market is unpredictable, memes disrupt market sentiment, and the market shows alternating bull and bear markets, which has blinded analysts. However, the outflow of Bitcoin ETF is still the main reason for this decline.

Since last week, Bitcoin ETFs have shown a net outflow. According to Farside Investors data, as of June 15, the US Bitcoin spot ETF had a cumulative net outflow of US$580.6 million.

According to Lookonchain, 9 US Bitcoin spot ETFs reduced their holdings by 3,169 BTC yesterday, of which Fidelity reduced its holdings by 1,224 BTC (-US$80.34 million) and currently holds 171,529 BTC (US$11.25 billion). Grayscale reduced its holdings by 936 BTC (-US$61.4 million) and currently holds 281,212 BTC (US$18.45 billion).

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

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

Not only is there no new money, but funds seem to be flowing into other technology assets, with Nvidia (NVDA.O) hitting new highs and surpassing Apple ($3.00 trillion) in market value on June 5 with a gain of more than $140 billion on Wednesday alone, and in four of the past nine trading days, the market value has risen by more than $100 billion.

ETH performs poorly, will the meme continue to grow?

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.

Related reading: "Bitcoin plummeted by $10,000 after reaching a record high. Is a sharp correction a sign of a bull market?"

The second time happened two months ago when Bitcoin was halved. At that time, the entire network was liquidated with a value of $935 million, but the Bitcoin retracement was not very serious, only less than 10%. However, almost all altcoins, led by ETH, were not spared, and the crypto market was in a bloodbath.

Related reading: "Altcoins usher in a "new 519", which is the main reason for the turbulent situation and the tax deadline? "

Although the market has experienced a general decline several times, the previous two pullbacks did not affect the overall bullish market sentiment, but this time analysts seem to be shaken.

On June 14, CoinDesk reported that despite strong U.S. stocks and favorable U.S. cryptocurrency policies, traders expect Bitcoin (BTC) prices to have a deeper correction in the coming weeks, mainly due to miners' selling activities and general profit-taking. FxPro senior market analyst Alex Kuptsikevich believes that "a new wave of dollar strength and demand for stocks are emerging. The demand for risky assets is gradually decreasing, forming a trend of Bitcoin's intraday highs falling."

“Bitcoin continues to test the strength of the 50-day moving average but cannot find enough reason to fall further. Such consistent testing of lows allows bears to quickly succeed with the next target being $60,000,” he added.

Some observers said that miners, who provide a lot of computing resources to keep the Bitcoin network running, may be one of the selling groups. The analyst added: "The increasing net outflow of Bitcoin from miners does not necessarily put pressure on Bitcoin prices. However, prices tend to stagnate." In addition, the expectations of Ethereum ETH do not seem to be enough for analysts to be optimistic about Ethereum.

  • On June 12, Matrixport officially stated that the ETH/BTC exchange rate has been on a clear downward trend since the merger of the PoW and PoS chains in September 2022. Although Ethereum occasionally surpassed Bitcoin briefly, this situation did not last. As the exchange rate pair approaches the top of the downward channel, ETH may perform poorly again.#AirdropGuide #币安合约锦标赛 #美联储何时降息？ $BTC $SOL

As for the biggest hype gimmick meme coin of this cycle, Arthur Hayes, founder of BitMEX, is optimistic. Arthur Hayes said that the Dogecoin ETF may be launched at the end of this cycle, and said that his prediction is based on the substantial growth rate of dog-themed meme coins over the years.

Raoul Pal, CEO and co-founder of Real Vision, also agrees with Arthur Hayes’ prediction that a Dogecoin ETF will appear at the end of the market cycle. He expressed strong support for a Dogecoin ETF and discussed the possibility with Jan van Eck, CEO of investment management firm and spot Bitcoin ETF provider VanEck.