Market Dynamics

BTC's sharp decline has led to a widespread drop in altcoins, with BTC's market capitalization share rising to 66%. The altcoin market is showing a similar trend of oscillating downward as seen in the first half of 2024. U.S. stocks are also weakening, while international oil prices have significantly increased, primarily due to Iran's blockade of the Strait, raising market concerns about oil supply and inflation pressure.

Market Highlights

1. U.S. stock-related stablecoins perform brightly: Circle's market capitalization exceeds $50 billion, with an 8-fold increase since its listing, showing a significant upward trend compared to most altcoins.

2. Leading public chains show a downward effect: The decline in ETH price has dragged down altcoins. Notably, Yili Hua borrowed $250 million through Aave to go long on ETH, drawing market attention to capital speculation.

3. Resilient altcoins show strength: On-chain assets such as Hype and Labubu are rising against the trend, and altcoins that resist declines during market adjustments are likely to rebound first, possessing higher tracking value.

4. Old coins and related assets show unusual movements: The old coin Fun has a prominent increase, with its current short-selling rate at -0.3%; small-cap coin GNS is rising in sync, with its namesake U.S. stock announcing the purchase of BTC, creating a sector linkage effect.