This market is even more boring than the weekend.
I'm really getting tired of it. The current crypto is like stagnant water with no liquidity at all. To be frank, it's much more boring than the weekend. The "stock cancer" of Altcoins is getting worse, with no chance of getting rich and barely any elasticity left.
How did it work before?
Institutions bought BTC, BTC rose, and money naturally flowed into the Altcoin pool, bringing the Altcoin season. But now, it feels like the game rules have completely changed. It's not that there are no low points, but after dropping 70%, it can still drop another 95%, basically in a state of neither alive nor dead. Newly launched coins start declining immediately, and old Altcoins have no popularity. Those that can't rise might eventually drop back to zero.
This round of Altcoin market is truly the most difficult to play, and might be a complete settlement of the Altcoin bull markets in 2017 and 2021.
BTC is stable, but Altcoins are lying flat
BTC has been relatively stable these days. The recent FOMC meeting and Middle East situation haven't significantly shaken it. Price volatility has been much smaller than previous days, and institutions are even quietly adding positions, with nearly $400 million flowing in just last night. Companies like MicroStrategy and Bloomberg are continuously buying, indicating support from the top.
However, Ethereum is relatively weaker. Although it's also net inflow, the ETH/BTC exchange rate remains low, and the market isn't giving it much attention. Why? Because the recently passed stablecoin bill has suddenly made the stablecoin sector a "hot favorite off the field".
Are stablecoins the protagonist of this bull market?
Circle has been particularly strong recently. More interestingly, some on-chain meme stablecoins (like $usdp) have suddenly jumped from millions to a market cap of $150 million, and then dropped back to just tens of thousands today, like a roller coaster. Although the ending collapsed, the signal is very clear: the current on-chain heat is concentrated on "stablecoins".
It's said that many institutions are contacting Paxos, wanting to use their "one-click minting" service, which directly helps produce stablecoins. These messages indicate that stablecoins have become the most promising entry point in the eyes of traditional capital.
How can retail investors follow?
So how can ordinary people like us participate? It's actually simple, with two paths:
- Buy Bitcoin. The logic is simple: stablecoin issuance is inevitable. It's like the digital world's fiat currency, while Bitcoin is deflationary and naturally suitable as a "value anchor". The more stablecoins there are, the stronger Bitcoin's position as "digital gold".
- Pay attention to on-chain infrastructure projects and RWA (Real World Assets) sectors, because stablecoins need on-chain infrastructure to carry them, and these are the truly popular main tracks.
But remember, don't touch those "algorithmic stablecoin" projects. All algorithmic stablecoins are wild routes. When the regular army enters, the first thing they'll do is eliminate these "bandits".
To summarize:
The Altcoin season might be far away, and the entire market is far from "cold start", but opportunities are quietly shifting - from the Altcoin get-rich-quick dream to the practical construction of the stablecoin track.
If you're still focusing on those small coins that used to 100x overnight, you might miss the real new rotation rhythm.
The market might be boring, but the landscape is quietly changing. Retail investors should wake up.
The article ends here! If you're lost in the crypto world, consider joining me in layout and harvesting from the market! You can join the community without threshold!
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