GM20250623

1）Market Trends

BTC plummets, altcoins generally fall. BTC dominance reaches 66%, and the altcoin market resembles the downward trend seen in the first half of last year.

U.S. stocks decline, while oil prices surge. Iran blocks the strait, raising market concerns about the impact on oil price inflation.

2）Market Highlights：

1. U.S. stock stablecoin Circle surges, with a market value exceeding $50 billion, an 8-fold increase since its listing. The performance of coin stocks is better than that of altcoins.

2. The public chain ETH declines, leading to a general drop in altcoins. Yi Lihua invests $250 million to go long on ETH, utilizing Aave for lending.

3. On-chain assets like Hype, Labubu, etc., not only do not fall but actually rise. Altcoins that are relatively resilient during market downturns or rebound first are worth attention.

4. The old coin FUN surges, with a short-selling rate of -0.3%. The small coin GNS rises, with the same-name U.S. stock buying BTC.