#加密市场反弹

The recent rebound in the cryptocurrency market resembles a flash in the pan. Bitcoin surged 20% in three days, reaching $69,000, causing the entire market to boil over. However, a closer look at on-chain data reveals clues — this rally is entirely driven by the Asian trading hours, with large funds from Europe and America noticeably absent. Even more bizarrely, the stablecoin supply on the top ten exchanges has decreased instead of increased, indicating that no new funds have entered the market; it's purely old investors within the market getting excited.

The performance of altcoins is even more outrageous, with the top fifty cryptocurrencies averaging a 35% increase, yet the number of GitHub code submissions has halved. This kind of divergence has only occurred three times in history, each time followed by a sharp decline. The most dangerous signal now is that Bitcoin's market share has suddenly dropped to 48%, with funds darting around like headless flies, alternately pumping MEME coins and established public chains, reminiscent of the 2017 ICO bubble.