Billions of dollars flowing out daily! BTC at 62K, meme coins all dropping, cryptocurrency market enters a general bear market.

Amid frequent new highs in the US and Taiwan stock indices, the so-called "election market" seems to have overlooked the cryptocurrency market. The only "external large fund" Bitcoin spot ETF has seen net outflows exceeding $100 million for six consecutive days last week. BTC fell to the $62K level, ETH to $3400, and the top ten cryptocurrencies by market value are showing a slight decline. In the past 30 days, SOL has experienced the largest drop of 25%, BTC 7%, and ETH 8%. BNB, which recently hit a new high, dropped by nearly 5%, with only TON, with relatively centralized chips, maintaining a nearly 18% increase.

Amidst the frequent breaking of new highs in the US and Taiwan stock indices, the so-called "election market" does not seem to favor the cryptocurrency market. The only current "external large fund" Bitcoin spot ETF saw net outflows exceeding $100 million for 6 consecutive days last week. BTC fell to the $62K level, ETH to $3400, and the top ten market cap cryptocurrencies showed a slight decline. Over the past 30 days, SOL has seen the largest drop at 25%, BTC at 7%, and ETH at 8%. BNB, which recently hit a new high, dropped by nearly 5%, with only the relatively centralized TON maintaining an almost 18% increase.

Looking at the Volume/Mcap trading volume-to-market cap ratio, market activity was low on June 24th, with stablecoins being the most active trading assets, indicating a selling status in the multi-currency market today. Meme coins remain the most active non-stablecoin market, with NOT, WIF, ORDI, FLOKI, PEPE, and BONK all showing a certain degree of decline, each coming from different blockchains, highlighting the cross-disciplinary cooling off of meme coins.

The meme generation! What are meme coins with better liquidity than USDT? Observing from the Volume / Mcap indicator

Community opinion: Meme coins will gradually disappear and will not change risk investment

Interestingly, LayerZero ZRO, which was heavily shorted due to community dissatisfaction with airdrops, also has a considerable level of trading activity.

"Donate money if you want an airdrop" LayerZero introduces a unique airdrop mechanism to support Ethereum developers

Days without altcoin season

The pond is dry, and Web2 venture capital has shifted its focus. The AI topic apparently has more long-term impact at present; traditional trading funds in the Bitcoin spot ETF market, both through basis trading arbitrage accounting for 13% of ETF assets under management and meeting the diversified investment needs of entering the cryptocurrency market, have not given more attention to innovation in the cryptocurrency market.

Bitcoin ETF sees continuous net inflows but no rise? CME short arbitrage hits a new high, not buying coins

Looking ahead, existing cryptocurrency investors are "tired of technology," "lack breakout topics," "tired of venture capital involvement," and have "low chip high leverage demands," making it more difficult for this water-scarce pond to demonstrate healthy trading elasticity.

Why won't the altcoin season come? Altcoin decentralization: a hidden threat to the cryptocurrency market