When US crypto stocks drop worse than altcoins, it indicates that the market is undergoing a 'crisis of trust', not just price fluctuations!
On August 2, the global financial market experienced a Black Friday! US crypto concept stocks faced an unprecedented sell-off, with declines even exceeding those in the altcoin market. Coinbase (COIN) plummeted 16.7% in a single day, marking the largest single-day drop since April this year; while VAPE was even worse, plummeting 23.87% yesterday and then falling another 21.17% today, nearly halving in two days. This phenomenon is extremely rare, as crypto stocks typically have lower volatility than native crypto assets, but today completely overturned this rule!
Even more shocking is that the entire crypto concept stock sector was wiped out: Riot Platforms (RIOT) plummeted 17.75%, MicroStrategy (MSTR) fell 8.77%, Galaxy Digital (GLXY) dropped 5.40%. This collective collapse is no coincidence; it hides a deeper market crisis!
Triple Blow: Performance Crash + Policy Headwinds + Market Panic
First Blow: Coinbase's 'Waterloo' Performance
Coinbase's Q2 earnings report is nothing short of a disaster: revenue of $1.5 billion, below the expected $1.59 billion; trading revenue plummeted 39% year-on-year to $764 million; most deadly is the 40% quarter-on-quarter drop in trading volume! CEO Brian Armstrong, despite touting the vision of an 'all-asset exchange' and the prospects of derivatives business, saw the market vote with their feet - the stock price directly broke through support levels!
Second Blow: Trump's Tariff Policy Triggers 'Nuclear Explosion'
Just as the market digested Coinbase's bad news, Trump suddenly announced 'reciprocal' tariff adjustments against dozens of countries, directly triggering a global risk asset sell-off. Bitcoin promptly fell below the critical support level of $114,000, causing over 200,000 traders to be liquidated, with total liquidation amounts nearing $1 billion! This policy uncertainty hangs over the crypto market like the Sword of Damocles!
Third Blow: Institutional Funds in Mass Exodus
Data shows that the spot Bitcoin ETF experienced a net outflow of $114.8 million in a single day, with Fidelity's FBTC and ARK 21Shares' ARKB being the hardest hit. Even more alarming, CoinShares reports that total outflows from Bitcoin funds reached $175 million! Institutions are staging a 'Great Escape', what signal does this send? Smart money has already started to withdraw!
When the market is in panic, that’s the real opportunity to make money - but the premise is, you must survive first! #加密市场回调
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