PANews reported on June 5 that HTX Research analyst Chloe (@ChloeTalk1) analyzed in this column that the current cryptocurrency market is in a delicate stage of 'policy-friendly, capital-tight.' On one hand, favorable policies are continuously emerging, with legislative progress on stablecoin regulation, Token bills, and tax exemptions; institutions are continuously buying BTC, forming long-term support, and the cooling of core inflation is raising expectations for interest rate cuts this year. On the other hand, US Treasury yields are rising against the trend, with the 30-year yield reaching 5%, close to the 2023 high point. The strong capital absorption effect of the bond market is suppressing risk assets, and the replenishment of the TGA account puts pressure on liquidity, making it difficult for BTC to break strongly in the short term, with a higher probability of maintaining volatility.
Regarding altcoins, Chloe stated that due to high volatility and lack of structural support, the risk of systemic pullback may be higher than that of mainstream cryptocurrencies.
