Matrixport Analysis: Since the beginning of this year, retail trading enthusiasm in the cryptocurrency market has been quite low, and overall trading volume has decreased significantly. Data shows that the global daily trading volume for spot transactions has dropped to $775 million, and Binance's daily trading volume has also shrunk to $5 billion, the lowest level since September 2024. It seems that retail participants have indeed lost their momentum.

Additionally, since the launch of the Meme coin TRUMP in January this year, trading in the market has gradually cooled down. Next week, $782 million worth of TRUMP tokens will be unlocked, which may lead to increased selling pressure with the new supply. Some holders might sell to cash out. If there aren't enough buyers to absorb the sales, market volatility could increase in the short term.

Currently, there isn't anything new in the cryptocurrency market to drive the trend, and many retail investors seem to have entered a "summer vacation mode" ahead of time, with everyone's attention on the market continuing to decline.