$ETH and altcoins suddenly dropped sharply, but $BTC remained stable as a rock. Every time there is a drop, there are always people rushing to find reasons, either the bull market has ended, or Ethereum and altcoins need a major adjustment.
These analyses make me feel that they may not have experienced a real bull market, because in a bull market, there will always be sudden drops. If the bull market really ended, then it should be Bitcoin leading the way, dragging Ethereum and altcoins down together, and there won't be scenarios where old coins rise while new coins remain stagnant in a bull market.
Today's drop is similar to the one on the 6th, both occurring in the early morning, the intention is very clear, which is to blow up leverage while the Asian market is resting, without giving you a chance to buy the dip.
This round of the bull market did not have a large amount of liquidity, and the premise for the rise is that market leverage cannot be too high. Bitcoin did not drop because it has no demand to clear leverage itself.
The funding rate for altcoins had risen very high before, and after this drop, most of the rates have returned to normal, which is the purpose, to clear out high leverage.
Ethereum and altcoins have not yet started to accelerate their rise; some are still at the bottom. If, as some say, there is still a big drop, wouldn’t that provide an opportunity for retail investors to buy the dip? This is unreasonable.
In summary, I believe today's sharp drop is mainly to clear leverage, and the effect is very obvious, the goal has been achieved. The daily chart of altcoins is still very healthy and will not stay at this position for too long. Clearing leverage is for the subsequent acceleration of the market.
In a bull market, every pullback is an opportunity for Ethereum's exchange rate to rise and Bitcoin's market share to decline. The bull market is still ongoing; keep going.
