On Friday, the US stock market closed poorly.
S&P 500 down 1.07%
Nasdaq down 1.69%
The Dow rose and then fell, ultimately down 0.51%
What was really hit are a whole row of crypto-related stocks:
COIN down 0.58%
Circle down 5.76%
MSTR down 3.74%
Gemini down 11.81%
BMNR down 9.17%
A bunch of ETH financial stocks, mining, and concept stocks, all plummeted.
Many people's first reaction is:
'Does this mean crypto is failing?'
I give you a clear conclusion:
👉 It's not that it can't be done, it's that 'it's not working for them anymore'.
First, let's look at the most critical point: it's not 'crypto' that is falling, but 'crypto stocks'.
You notice a detail:
BTC and ETH did not crash in sync.
On-chain funds have no panic exit.
The volume of stablecoins has not contracted.
Who is really being hit?
👉 Crypto concept stocks, especially "financial and treasury type" and "intermediary type".
This is not systemic risk; this is a change in pricing logic.
2. Why have Ethereum treasury stocks become a disaster area?
BMNR, BTCS, ETHZ, SBET and the like, what is their essence?
👉 Taking ETH as the story of the balance sheet company.
Their valuation logic is based on three points:
ETH is rising.
Leverage + treasury narrative.
The US stock market is willing to pay a premium for "crypto exposure".
Now the question comes.
In the context where "invisible QE" has already been exposed,
Institutions are beginning to redistribute ways of risk exposure.
They no longer want:
Secondary packaging.
Leverage stacking.
Management risk.
What are they more inclined towards?
👉 Direct assets, direct on-chain, direct liquidity.
3. Why has Coinbase not fallen much?
COIN only fell by 0.58%, which is almost considered resilient.
The reason is simple:
It is infrastructure.
It eats trading, custody, settlement.
It is in the same line as "stablecoin expansion".
While Circle fell by 5.76%,
It's not that USDC has a problem,
But stablecoin companies are no longer the "only beneficiaries".
When USDT and USD1 start directly buying assets and building ecology,
The intermediary premium will naturally be compressed.
4. This is not contradictory to "invisible QE"; on the contrary, it is very consistent.
You have to remember one thing:
👉 Easing does not mean all assets rise together.
Invisible QE does not bring "emotional bull",
But rather the path of re-pricing funds.
What the market is doing now is:
Reduce the "story premium" of secondary stocks.
Increase the weight of primary assets, stable cash flow, and real control rights.
This is also why you will see:
Tether directly buys Juventus.
Stablecoins compete for "pricing power" and "settlement rights".
Whales use BNB to exchange for assets that can carry the ecology.
Rather than inflating the market value of a bunch of crypto stocks.
5. The fall of crypto stocks is essentially "old narratives being squeezed".
In the past two years, the selling point of crypto stocks was:
"If you can't buy on-chain assets, just buy me."
But now, the situation has changed:
ETF makes direct exposure easier.
Stablecoins make settlement smoother.
The on-chain participation threshold is decreasing.
The result is:
👉 "Shell value" is shrinking.
It's not that these companies are going to die,
But they are no longer the optimal choice.
6. What does this mean for the market?
Make a judgment that many people are unwilling to admit:
👉 In this cycle, the most comfortable place is not in US stocks.
But in three types of places:
Stablecoin settlement and expansion link.
On-chain assets that can carry real liquidity.
Ecological targets chosen by the "entry layer".
Crypto stocks, especially treasury stocks,
More like the structure left over from the last cycle.
7. My conclusion is very clear.
This is not a risk release, it's a route switch.
Money hasn't left.
It's just from "crypto wrapped in stocks".
Turning to "directly controlled crypto assets and settlement rights".
So what you see is not panic,
But it is a quiet yet brutal diversion.
💬
What do you think the next period will be like?
Funds will lean more towards on-chain assets.
Will they still wait for crypto stocks to give a lower valuation before flowing back?
If you can only choose one direction, which side will you stand on?
Let's chat in the comments section. $ZEC
