Funds are pouring into ETFs. Do the trapped altcoins still have a chance? ?
Last night, Solana ETF's application was unexpectedly advanced, causing SOL prices to soar suddenly, and also driving the originally falling market to rebound. Although the approval rate is still unknown, it is enough to make the dormant crypto community excited. After all, this round of the market can be described as an ETF bull market.
After the spot ETF was approved, BTC, as a representative of digital assets, became the first "logically run-through" target in the currency circle. Bitcoin spot ETF provides Wall Street with a formal channel to configure crypto assets, bringing a large amount of off-market funds to the crypto market. From the key nodes of Bitcoin's rise, it can be seen that the new highs from US$25,000 to US$69,000 are almost all driven by ETFs. Whether it is a lawsuit victory or fake news, the stimulation of the news has always been a concern for the market.
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In contrast, altcoins seem to be struggling to catch up with the rise of BTC. The major positive of the Ethereum ecosystem-Cancun upgrade was diluted, and Solana made a brilliant debut with meme coins. However, the resulting pre-sales and celebrity coins continue to disrupt the market trend. In addition, the rise of Pumpfun has further divided the market's attention with meme coins. Crypto VCs are constantly squeezed to the opposite side of retail investors by highly profitable meme coins and airdrop chaos
Whether there is still a bull market for altcoins is a question that has been discussed in the currency circle for the past six months. On the one hand, VC funds are large, and the entry of new retail investors is less than expected. Funds are difficult to take over new coins and old coins that are still alive in the market, resulting in project valuation increases in the primary market, and high FDV and low circulation after the token is launched. Secondly, due to the saturation of applications in the last round of bull market, the block space is "overloaded". VC's capital deployment during the bear market is mainly concentrated in the infrastructure field, which makes the application layer, which is most perceived by users, lag behind. When the market suddenly ushered in the market, the problem of "narrative poverty" appeared.
