Today's data interpretation: #BTC☀ took the lead in the market decline, #ETH🔥🔥🔥🔥 alts remained temporarily stable, and the deposited funds in the market increased by 900 million in a single day!
After the decline of last night's CPI data, it is estimated that tonight's retail data will hardly save the current situation. I personally expect that the trend of shock decline has been formed. Let's take a look at the market data together!
BTC took the lead in the decline, and ETH alts remained temporarily stable
The market value fell by 74 billion in the day, and BTC's own market value fell by 48.4 billion. On the contrary, ETH and alts fell less, and the proportion of alts increased. This kind of performance is not a positive for risk preference, but also a performance of not panicking in the decline.
However, whether the current stability of alts can last for long remains to be cautious.
The trading volume increased slightly, mainly from BTC alts. Incremental turnover occurred during the decline. The market temporarily had good confidence in the future market. ETH trading volume decreased by 200 million. ETH has gradually gotten rid of the shadow in the near future and has obviously become stronger.
The deposited funds in the market surged by 900 million.
Currently, the total market value of stablecoins in the market increased by 900 million in a single day, and is currently 167.8 billion, which is a huge increase in a single day.
USDT: The market value of the data website increased by 367 million, and the official website data was 1165.32, which increased by 349 million compared with yesterday. The difference between the two is not big. Asian and European funds maintained a stable inflow + deposit,
USDC: The data website shows that the market value decreased by 106 million. With the increase in trading volume, there may be capital outflow.
Summary: Although BTC has started a volatile decline in my expectations, the market still has good confidence at present, but I am worried about how long this confidence can last.
The large increase in funds in the market, whether it is from external inflows or retention after the end of transactions in the market, the large amount of accumulated funds shows that the fund holders have confidence in the future market, and this future market may be waiting for another decline to buy.
For me, a large amount of accumulated funds are currently retained in the market, which is waiting for a buying opportunity after a decline, which is also a good thing. However, I personally believe that a volatile correction is still inevitable, but without the addition of negative factors, the decline may be relatively mild.
