1）Market Situation：

BTC has dropped, altcoins are generally down, and BTC's dominance rate has soared to 66%. The market has returned to a similar "fluctuation + downward trend" rhythm as in the first half of last year.

The US stock market doesn't look good either, oil prices have surged—Iran has blocked the Strait of Hormuz, raising market concerns about inflation returning.

2）Market Highlights：

1. The stablecoin Circle in the US stock market has skyrocketed, with a market value exceeding 50 billion, and has increased 8 times since its listing, showing a significantly stronger performance than altcoins.

2. ETH is leading the decline, dragging down a number of altcoins; Yi Lihua has entered to go long on 250 million USD worth of ETH, using Aave leverage to increase positions.

3. On-chain assets like HYPE and Labubu are resistant to declines, and even rise against the trend. The more a down-trending altcoin can hold its ground, the more it is worth keeping an eye on.

4. The old coin FUN has surged, with short selling rates dropping to -0.3%; the lesser-known coin GNS has also seen a slight increase, as its namesake stock is buying BTC.