Let the data speak: The rise of Ethereum did not bring new blood, but instead sucked blood from the market again! Recommended reading: ★★★★
It has been almost a week since the last data statistics. Last week’s statistics were collected on Saturday. In fact, the market experienced stability after fluctuations, so we recorded the data. This week, it was delayed for some reasons. Now we are updating the latest data after the fluctuations of Ethereum for comparison.
Let me first state the conclusion. The only narrative driving the market this week is that the probability of ETH’s ETF passing has increased infinitely. Ethereum has risen, but the rise of Ethereum has not actually brought too many opportunities to the altcoins. Instead, it has once again sucked blood from the market as a whole.
In terms of market value, the difference compared to last Saturday is only 3 billion, which is basically the same market value. Among them, Ethereum has the largest increase, followed by Bitcoin. Stablecoins have increased in value by 300 million, while the market value of altcoins has fallen by about 19.5 billion. This is still under the premise that new tokens continue to appear in the market.
From the market share, we can see that Ethereum's share increased by 0.5%, directly reaching 17.3%. Bitcoin continued to maintain a market value of 51.4%, which exceeded the general market value. On the contrary, the altcoin lost 0.74%. The continued increase in Bitcoin's market share also indirectly shows that the market's risk preference is still stable.
In terms of funds, the market value of stablecoins increased by 300 million, and USDT increased by 64 million. The trading volume increased slightly and was active, and funds were bought and sold frequently. The market value of USDC increased by 356 million compared with last Saturday, and the trading volume was basically the same as last week.
USDC official website data update, we see the latest data as of June 13, from June 6 to June 13, USDC increased by 2.3 billion and redeemed 2.4 billion. Monthly statistics show that USDC increased by 10 billion and redeemed by 10.5 billion. At least the data before June 13 is consistent with our judgment that US funds are flowing out. The current increase in USDC's market value may be because Ethereum's ETF has attracted capital inflows again. This is good for the market in the short term.
However, through the overall data, we found a problem. Even with the ETH ETF narrative, the market value is not growing collectively, especially the altcoins. Many people expect ETH to lead the altcoins in a rebound, but at present, under the premise of the market lacking external liquidity, the Ethereum narrative will instead suck the blood of the altcoins.
The lack of liquidity in the market is because the main narrative in the current risk market is AI, which has led to $1 trillion flowing into Nvidia in just over a month. This is an important factor.
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