Another anniversary is born in the currency circle, 618 Altcoin Good Friday. Today, many altcoins have fallen by more than 20%. Added to the continuous declines in the past few days, the general decline of altcoins on the market in the past ten days should be more than 40%. , and from the peak of the altcoin market around March 13 in this bull market to the present, the general correction rate of altcoins should be around 60-70%. This level of tragedy is basically the same as that of the bear market, but the current market is generally not We believe that we have reached a bear market now. This is because the two big brothers, Bitcoin and Ethereum, have not completed the bear market pattern. We can’t even see how bad the market is now from the daily line of the pie, even from the high point on March 13 The largest correction has only been about 20%, or even only a 10% drop based on the current price. Although ETH has been criticized for its trend in the past six months, the largest drop from the high of 4093 is less than 30%. Calculated based on the current price, the decline is only 15%. The trend of other mainstream assets such as bnb sol is also the same. It can be seen that the mainstream market has no intention of ending the bull market, but there are differences in the degree of recognition of mainstream and copycat funds.
The reason for this situation is that with more and more homogeneous copycat projects, the market funds are seriously insufficient, so the Matthew effect is more obvious. Big funds will only chase the leading projects in truly promising tracks. Considering the increasing size of the current market funds, the unlocking of any VC coin requires hundreds of millions or even billions of funds to digest, and there will be a steady stream of new projects to absorb funds in the future. So I think this round of bull market will no longer have the same copycat bull market as in the past. The new bull market will be more structured, the strong will become stronger, and the weak will have no chance to turn around. So I often tell everyone not to be attached to the junk coins in your hands that are already dead in name only. The so-called junk coins are in a passive state every time the market falls and rises, that is, they fall more and rise less. For this type of project, every extreme market situation is a good opportunity for you to switch positions to the leading assets in the value track. Many friends say that this round of bull market only belongs to meme and has nothing to do with ordinary investors. In fact, the increase in many tracks is not inferior to meme, such as rwa depin AI BTCFI Wait, their growth can definitely be called a bull market. The reason why you missed out on everything is that you just lack a little courage, the courage to cut losses, the courage to exchange bad money for good money. Once you take the first step, your road to the bull market will truly begin.
Let’s take a look at what major events have happened in the market in the last 24 hours!
1. The opening price of zk is only 0.2-0.3, which is almost halved compared with the pre-market over-the-counter price of 0.4. Although the main reason for the poor performance of zk this time is the selection of a wrong opening time, it can also more or less reflect the current situation in the market where retail investors and VCs do not take over each other. However, although everyone criticizes zk, its current fdv is indeed inverted with the other three L2s. The current FDV of strk op arb is 7.5-8 billion, while zk is only 4 billion. The gap must be filled later, either zk will be revised upward, or the other three will be revised downward.
2. A green spot among thousands of flowers. Even though the entire MEME track is in a state of general decline today, a new star is still born, namely the new Trump meme djt endorsed by Trump supporter Bo Loudon. This meme is hyped up by the market under the banner of being the only authentic meme issued by Trump himself. The prediction market ploymarket predicts that the probability of DJT being authentic is 22%. Although this probability is not high, the fact is that DJT's competitors, such as trump maga tremp trog and other related memes, have all seen a market price close to halving.
3. EIGEN - Coinbase will support the pre-sale market of $EIGEN on June 18. The current over-the-counter price of eigen on the whales market is $7.5.
4. MEW was launched on Binance's u-based contract market last night, and the price suddenly soared by 20%. However, all the gains have been lost today. It seems that no matter how good the positive news is, it cannot withstand the market downturn.
5. Bitcoin ETF continued to see capital outflows last night, and the main outflows this time were actually from Fidelity and ARKB, with 142 million outflows from the two, and a total of 149 million USD outflows from all ETFs. As for the impact of ETF funds on the market, I said yesterday that positive capital inflows may be due to arbitrage by traders, and capital outflows are definitely due to institutions selling, so the negative impact is greater. The fact that the copycats are doing so badly today should have a lot to do with this, and the most terrifying thing is that there is no sign of a reversal at all.
6. The CoinShares weekly report shows that digital asset investment products had a net outflow of US$600 million last week, the largest weekly outflow since March 22, 2024.
7. X platform CEO said that the payment function will be launched soon, which is one step closer to universal application. The cryptocurrency circle can pay attention to the payment track project. Once the Twitter payment function is launched, it may be hyped.
8. Dexter, the founder of Whales Market, said that GM tokens are ready for release. This new AI project is still very promising. Congratulations to everyone who has gotten on board.
Market Analysis
BTC: After Bitcoin falls below 66,000, it may usher in a long adjustment, and this adjustment cycle may be about 1 month. The market is currently in the adjustment stage, and there is no obvious support signal. We can only leave it to time. When the big cake is verified downward, some high-quality cottages are also opportunities. Of course, here I prefer everyone to build positions on the right side. After the market is obviously stable, it will be a good opportunity to look for high-quality cottages.
ETH: Ethereum also fell with the market, although it fell slightly more than Bitcoin and the ETH/BTC exchange rate declined, but it is still much stronger than other altcoins. And considering that the Ethereum ETF is likely to come on July 2, the probability of market speculation on ETH before that is very high. Once the Ethereum ETF is passed, Ethereum will officially join the Bitcoin queue and become a truly global financial product. This way of distinguishing other altcoins by lineage should bring more financial attention to ETH.
