Let the data speak: the market fell by 85 billion in a single day. The copycats were resilient and did not panic, but funds flowed out!
Bitcoin fell by 2,600 during the day. Although it triggered a buying rebound after reaching around 60,000, the market still lost a large market value. Let's not talk about whether the small non-agricultural data tonight can bring positive emotions. Before the data is released, let's record the market data that is currently calm.
Market value/share:
The crypto market's market value fell by 85 billion in a single day, which is a recent peak. Among them, Bitcoin had the largest drop in market value, reaching 48.6 billion, followed by altcoins with 19.2 billion, and finally altcoins with a drop of 16.8 billion.
However, it can be seen from the market share that in this decline,
#ETH obviously lost market share in the decline, while the share of altcoins increased slightly, indicating that altcoins did not fall synchronously in this decline, and did not even fall as badly as before, causing panic. Therefore, altcoins still have a certain degree of "rationality" in this decline.
Trading volume:
There has been no special change in trading volume. The trading volume has gradually increased during the decline, but the overall increase is not obvious. Although the decline has stimulated buying volume, it is still not much at present.
funds:
The total market value of stablecoins has decreased by 200 million and currently remains at around 161.2 billion.
USDT: The market value has decreased by 132 million. The current official website data is 1126.44, which is a decrease of 134 million compared with yesterday's data. It is basically confirmed that USDT is flowing out. This continuous net outflow of Asian funds is rare this year. It should be noted that since October last year, Asian funds have been in a situation where most of the funds flow in and a small part flow out.
USDC: Market value increased by 49 million. Considering the current market trend and the increase in USDC's trading volume, the increase in market value may come from funds temporarily stored in the market after the transaction is completed. Currently, this part of funds has not flowed out. The official specific data of USDC is updated weekly and is not updated in real time.
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From the market data, it is similar to today's market situation, with mixed results. The good news is that the altcoins did not panic during the decline (it may also be that they are waiting for data after realizing it), but the worry is that the USDT funds from Asia and Europe are obviously flowing out, and the USDC funds are also leaving the market, so the funds are not too optimistic. Of course, the funds in the market are still sufficient, but the flow of funds often represents the emotions of some traders.
The current market sentiment clearly needs to be stimulated by positive sentiment. Later, I will give a forward-looking interpretation of tonight's ADP employment data. Let's see whether tonight's data can help the market save the downward trend.
