The global market is plunging together; it's not that the cryptocurrency market is weak, but rather a liquidity crisis with the sentiment of 'who can cash out runs first': U.S. stocks, gold, A-shares, and Hong Kong stocks are all crashing, and cash has become the only safe haven.
This round of the cryptocurrency market has been hit hard, primarily due to the double whammy of ETF + DAT.
ETFs have seen continuous large outflows, with another $900 million leaving last night; DAT is even more outrageous, selling while it drops, and dropping while it sells, dragging the entire market into a death spiral. They pulled during the bull market and smashed during the bear market; aside from MSTR still standing, the others have basically been beaten back to their original state.
Whales are also fleeing; the large amounts of cryptocurrency confiscated by the government can be auctioned off at any time to crash the market. Historical whales are being caught, privacy is quickly becoming a joke, and instead, it has pushed privacy coins like ZEC into the spotlight.
On the contrary, altcoins are holding up without panic selling; project teams and market makers are clearly reluctant to sell further—they also feel it's cheap. As long as Bitcoin stops falling, altcoins will be the first to rebound.
In December, I still expect a decent market, but the only projects worth buying are those that can generate revenue; don't cling to trash projects.
The primary market has been even worse during this time: bob has broken its issue price, gaib nil's market makers have fled, monad's fundraising has hit a wall, and even major exchanges' initial offerings have collectively broken their issue prices.
Currently, the only two stable strategies are:
Do not touch leverage and buy gradually on dips.
The bottom has not yet arrived; holding on stubbornly will only turn you into cannon fodder.
