Friends who were still shouting 'the bull is here' over the weekend might be a bit confused today: the market was suddenly hit hard, triggering a chain liquidation that exploded the scene, showcasing the largest single-day long liquidation since 2021. And amidst the brutal liquidation tide that has slashed mainstream coins, some popular Korean altcoins and the 'mascot of the crypto world' DOGE unexpectedly showed a spark 🔥 in defiance of the trend.#加密市场回调
What exactly happened? Let's break it down.#比特币生态逆势上涨
The liquidation tide has arrived: BTC falls below 114,000, the altcoin season comes to an abrupt halt.
As the weekend comes to a close, #BTC BTC suddenly plunged from a high to the 114,000 dollar range, triggering a chain reaction in the derivatives market. In just 24 hours, the total liquidation amount reached 441.78 million dollars, setting a new high in nearly a month.
During the most intense hour, the clearing scale once broke 1 billion USD.
Especially #ETH , becoming the protagonist of the clearing: a single day evaporation of 465 million USD in market value, the price once approached 4,139 USD, and may drop to 3,900 USD in the liquidity cascade. BTC also found it difficult to escape, quickly dropping below 113,000 USD.
Even more exaggerated is that on Monday, the sudden crash caused this round of long position clearing to exceed 1.5 billion positions, the largest single-day long position clearing since 2021; such a slight fluctuation has already caused the largest liquidation since 2021... 🤯
In other words, the market's leverage has been pulled too high, resulting in a 'car so heavy that it bent the wheels', making it naturally unable to move.
Has the altcoin season officially ended?
Just a few days ago, the altcoin season index (Altseason Index) surged to the full score of 100 points, and many small coins enjoyed a brief carnival. However, after this clearing storm, the index directly dropped to 67 points, officially announcing the end of this round of 'altcoin season.'
Historically, altcoin markets usually only have about a 2-week window; although this time lasted nearly a month, it ultimately could not escape its fate. Projects like BNB, ASTER, WLFI, and PUMP, which have been gaining momentum recently, were also cleared out in this wave of declines. 📉
However, BTC's dominance has risen again to 56.2%, while ETH has fallen to 12.8%. This means the market is returning from a 'hundred flowers blooming' to a 'stock game' among mainstream coins.
Korean hot list: Story & AVNT rise against the trend
However, the market is not entirely bleak. While most cryptocurrencies are being 'washed in blood', the Korean market has staged another performance. Two major hot tokens have surprisingly strengthened against the trend:
Story (IP) - A national-level public chain-related asset, extremely popular in the Korean community;
Avantis (AVNT) - Directly ranking first in trading volume on Upbit.
On one side, mainstream assets are experiencing 'blood rain and wind', while on the other side, selected projects from Korea have stubbornly supported the market, truly being the 'child of the version'. The trading enthusiasm of Korean users has allowed these two tokens to directly rank high, proving that even in a declining overall environment, regional hotspots can still create small-scale bull markets 🐂.
DOGE: ETF & whale boost, could rebound at any time?
Speaking of unexpected market events, how can we forget our 'cryptocurrency mascot' - Dogecoin (#DOGE ). This meme coin, which initially became famous due to a meme, is no longer just a joke but has become a 'big dog' that stirs up hundreds of billions in market value.
Last week, the price of Dogecoin once surged to 0.3 USD, but was then pushed back due to market sell-offs. However, this did not dampen traders' enthusiasm; instead, it ignited more expectations: many analysts believe that Dogecoin is likely brewing a double-digit rebound.
Even more explosive news is about ETF:
The market's expectations for Dogecoin ETF are heating up; although the SEC has delayed the REX-Osprey application, enthusiasm has not faded.
Grayscale has also submitted an application to convert its Dogecoin Trust into an ETF, with Coinbase acting as the custodian.
The expected overlay of ETF and whale fund inflow (recently about 266 million USD DOGE flowing into exchanges) fills the market with imagination for a 'second explosion' of Dogecoin. 🐶🚀
Summary: Signals in Turbulence
This wave of plummeting and clearing, although shocking, can also be seen structurally as a kind of 'de-leveraging' baptism. The market may have the opportunity to restart after shedding its burden of excessive leverage.
Short-term risk: The clearing cascade may not yet be fully over, with ETH and BTC still having room to drop;
Mid-term observation: The altcoin season has receded, but there are still structural opportunities in local hotspots (such as Korean tokens and DOGE);
Long-term logic: The rise of BTC's dominance means capital is flowing back to the mainstream, and the tone for subsequent major market trends may already be brewing.
The market is like a wave; sometimes it sweeps away positions, and sometimes it lifts new opportunities. Fellow coin friends, fasten your seatbelts, use less leverage, and maintain more calm; perhaps that's the best stance to navigate through volatility. 😎✌️
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