On June 18th, the slump of cryptocurrencies continued on the day of the “big promotion”. With Bitcoin dropping below 65,000 USDT this morning, Ethereum and many other mainstream altcoins collectively experienced a plunge. On OKX’s real-time market interface, it was a “river of blood” scene: Ethereum dropped to a low of 3350 USDT, currently at 3402.44 USDT, with a 5.64% decrease in 24 hours; Solana dropped to a low of 127.22 USDT, currently at 132.03 USDT, with a 10.98% decrease in 24 hours; etc. The total market value of cryptocurrencies has also shrunk to 2.46 trillion US dollars, a decrease of 4.5% in the past 24 hours.
Regarding altcoins, during this dark moment, institutions have differing opinions on the future market. Quinn Thompson, founder of the crypto hedge fund Lekker Capital, advised against investing in altcoins due to various market instability indicators. On the other hand, Andrei Grachev, co-founder of DWF Labs, predicted a wave of altcoin bull market in the next few months, provided that Bitcoin remains stable. Additionally, in the derivatives trading area, Lin Chen, Deribit’s Asia-Pacific business manager, revealed a significant transaction by a whale who sold out 70,000 bullish options at the end of July and bought 70,000 bullish options at the end of the year, totaling 100 BTC, paying 883,000 US dollars. The whale’s current attitude seems to be “short-term bearish and long-term bullish.”
In conclusion, the current market situation is challenging, and it is advised not to leverage altcoins and to control risks without being impulsive.