Let the data speak: The copycat market began to "fall silent" over the weekend, with a large outflow of funds from the US, and we continue to wait for the ETF narrative!
Last night's core PCE data did not directly bring about a large fluctuation in the crypto market. On the contrary, after the opening of the US stock market, Bitcoin began to lead the market to fall. Today, Saturday, we recorded the data with the original intention of observing the situation of the altcoin market. Because before the data was updated yesterday, the sentiment of the altcoin bulls was too eye-catching and overly active, but observing the data of the altcoins over the weekend, it became so "silent" again.
A joke before going to bed last night - "Give Bitcoin
I have one more homework left, hold 60,000 at the close of the early morning." The prediction came true, and Bitcoin also completed its homework in the US area on Friday morning.
The overall market value has returned to the same level as Thursday's data. In terms of share, Bitcoin has increased by 0.2% again, while the share of Ethereum#ETHhas shrunk, and risk appetite has returned to safety.
Bitcoin maintained the same trading volume as Friday, Ethereum decreased slightly, and the altcoins significantly reduced their trading volume. In the market decline, the altcoins expressed the stubbornness of the bulls in the form of shrinking volume. Although the altcoins were dragged down by the market, it is obvious that the short-selling power has weakened, the selling pressure has decreased, and the trading volume has dropped sharply. It is possible that the Ethereum ETF will still bring "future expectations" to the altcoins.
In terms of funds, the total market value of stablecoins on the market decreased by 400 million, and the market value of USDT did not change much. The on-chain data showed that the total on-chain today was 1128.11, an increase of 31 million compared with yesterday. The market value of USDC decreased by 325 million. Compared with today's decline, combined with a 40% decrease in trading volume, it is basically determined that the reduction in the market value of USDC is a capital outflow.
Here we should emphasize that there are two possibilities for the reduction of the market value of stablecoins.
1 is to buy tokens, but it will increase the stablecoin transaction volume.
2. Flow out of the market and generate no trading volume.
Combined with today's situation, the quota changed by 325 million, but the transaction volume did not increase but decreased by 40%, which is basically determined to be an outflow.
According to the USDC official website data, updated to June 27, USDC issuance data, from June 20 to June 27, 3 billion were issued, 3 billion were destroyed, and the stock increased by 0. As of June 27, the monthly total issuance was 10.4 billion, 10.3 billion were destroyed, and the stock increased by 100 million, indicating that as of June 27, there was basically no change in short-term funds.
Although Bitcoin's holding of the 60,000 mark over the weekend did not bring more vitality to the altcoin market, it is obvious that the sentiment of the altcoin market is still relatively stable. Next week, we will bet on the non-farm payrolls data for June. As long as Bitcoin can remain stable above 60,000, the altcoin market will become more active as the ETF is approaching, which is a good thing. However, please note that this is not a signal to buy.
Secondly, it was observed that the outflow of funds from the US region started after the opening of the US stock market last night. After rising, the US stock market fell all the way, and the US funds also flowed out along with the decline of the US stock market. This is a very rare situation. According to the data from last year to this year, the decline of the US stock market often brings back funds after the market closes, but this situation has not occurred at present, so this situation is still worthy of reflection.
#BTC走勢分析 #ETH🔥🔥🔥🔥 $BTC
