GM June 23, 2025

I. Market Trends

Bitcoin has dropped sharply, and altcoins have generally fallen. Bitcoin's dominance rate has reached 66%, and the altcoin market resembles the bearish trend of the first half of last year.

U.S. stocks have declined, while oil prices have surged. Iran's blockade of the Strait has raised market concerns about the impact on oil price inflation.

II. Market Highlights:

1. U.S. stablecoin Circle has surged, with a market capitalization exceeding $50 billion, having increased 8 times since its listing. The stock performance is better than that of altcoins.

2. The public blockchain ETH has dropped, leading to a general decline in altcoins. Yi Lihua has invested $250 million long on Ethereum, utilizing Aave for lending.

3. On-chain assets such as Hype and Labubu have not only held steady but have increased; altcoins that are relatively resilient during market downturns or rebound first are worth paying attention to.

4. The old coin Fun has surged, with a short-selling rate of -0.3%, and the small coin GNS has risen, with the same-name U.S. stock buying BTC.