ការលក់ទីផ្សារអាចមានភាពងាយស្រួល ប៉ុន្តែពាណិជ្ជករគឺនៅក្រៅផ្លូវរហូតដល់ BTC បញ្ជាក់ $20K ជាការគាំទ្រ

The total crypto market capitalization fell off a cliff between June 10 and 13 as it broke below $1 trillion for the first time since January 2021. Bitcoin (BTC អ) fell by 28% within a week and Ether (សាកលវិទ្យាល័យ ETH) faced an agonizing 34.5% correction.

Presently, the total crypto capitalization is at $890 million, a 24.5% negative performance since June 10. That certainly raises the question of how the two leading crypto assets managed to underperform the remaining coins. The answer lies in the $154 billion worth of stablecoins distorting the broader market performance.

Even though the chart shows support at the $878 billion level, it will take some time until traders take in every recent event that has impacted the market. For example, the U.S. Federal Reserve ដំឡើងអត្រាការប្រាក់ដោយ 75 ចំណុចមូលដ្ឋាន on June 15, the largest hike in 28 years. The central bank also initiated a balance sheet cut in June, aiming to reduce its $8.9 trillion positions, including mortgage-backed securities (MBS).

Venture firm Three Arrows Capital (3AC) has reportedly failed to meet margin calls from its lenders, raising high major insolvency red flags across the industry. The firm’s heavy exposure to Grayscale Bitcoin Trust (GBTC) and Lido’s Staked ETH (stETH) was partially responsible for the mass liquidation events. A similar issue forced crypto lending and staking firm Celsius to halt users’ withdrawals នៅខែមិថុនា 13 ។

Investors’ spirit is effectively broken

The bearish sentiment was clearly reflected in crypto markets as the សន្ទស្សន៍ការភ័យខ្លាចនិងភាពលោភលន់, a data-driven sentiment gauge, hit 7/100 on June 16. The reading was the lowest since August 2019 and it was last seen outside the “extreme fear” zone on May 7.

Below are the winners and losers since June 10. Curiously, Ether was the only top-10 crypto to figure on the list, which is unusual during strong corrections.

WAVES lost another 37% after the project’s largest decentralized finance (DeFi) application Vires Finance អនុវត្ត a daily $1,000 stablecoin withdrawal limit.

Ether dropped 34.5% as developers postponed the switch to a proof-of-stake consensus mechanism for another two months. The “difficulty bomb” will essentially cease mining processing, paving the way for the Merge.

អេវ៉ា (អេវ) traded down 33.7% after MakerDAO voted to cut off the lending platform Aave’s ability to generate Dai (DAI) for its lending pool without collateral. The community-led decision aims to mitigate the protocol’s exposure to a potential impact from staked Ether (stETH) collateral.

Asian traders flew into stablecoins

OKX Tether (USDT) បុព្វលាភគឺជារង្វាស់ដ៏ល្អនៃតម្រូវការពាណិជ្ជករគ្រីបតូលក់រាយដែលមានមូលដ្ឋាននៅប្រទេសចិន។ វាវាស់វែងភាពខុសគ្នារវាងការជួញដូរពីម្នាក់ទៅម្នាក់ (P2P) ដែលមានមូលដ្ឋាននៅប្រទេសចិន និងប្រាក់ដុល្លារសហរដ្ឋអាមេរិក។

តម្រូវការទិញច្រើនពេកមាននិន្នាការដាក់សម្ពាធលើសូចនាករខាងលើតម្លៃសមរម្យនៅ 100% ហើយក្នុងអំឡុងពេលទីផ្សារធ្លាក់ចុះ ការផ្តល់ជូនទីផ្សាររបស់ Tether ត្រូវបានជន់លិច និងបណ្តាលឱ្យមានការបញ្ចុះតម្លៃ 4% ឬខ្ពស់ជាងនេះ។

Contrary to expectations, Tether had been trading with a premium in Asian peer-to-peer markets since June 12. Despite the massive sell-off in crypto prices, investors have been seeking protection in stablecoins instead of exiting to fiat currency. This movement lasted until June 17, as the USDT paired its price versus the official foreign exchange currency rate.

មនុស្សម្នាក់គួរតែវិភាគម៉ែត្រនិស្សន្ទវត្ថុគ្រីបតូ ដើម្បីមិនរាប់បញ្ចូលធាតុខាងក្រៅជាក់លាក់ចំពោះទីផ្សារស្ថិរភាពកាក់។ ជាឧទាហរណ៍ កិច្ចសន្យាអចិន្ត្រៃយ៍មានអត្រាបង្កប់ ដែលជាធម្មតាត្រូវបានគិតប្រាក់រៀងរាល់ប្រាំបីម៉ោងម្តង។ ការប្តូរប្រាក់ប្រើប្រាស់ថ្លៃសេវានេះ ដើម្បីជៀសវាងអតុល្យភាពហានិភ័យនៃការផ្លាស់ប្តូរ។

អត្រាមូលនិធិវិជ្ជមានបង្ហាញថា រយៈពេលយូរ (អ្នកទិញ) ទាមទារអានុភាពបន្ថែម។ ទោះជាយ៉ាងណាក៏ដោយស្ថានភាពផ្ទុយគ្នាកើតឡើងនៅពេលដែលខោខ្លី (អ្នកលក់) ត្រូវការអានុភាពបន្ថែមដែលបណ្តាលឱ្យអត្រាមូលនិធិប្រែទៅជាអវិជ្ជមាន។

Those derivative contracts show more significant demand for leverage short (bear) positions across the board. Although Bitcoin and Ether’s numbers were insignificant, the TRX token and Polkadot (DOT) situation raise concerns.

Pokadot’s negative 0.90% weekly rate equals 3.7% per month, meaning those betting on the price decrease are willing to pay a reasonable fee to maintain their leverage positions. This is usually interpreted as a sign of confidence from bears; hence, slightly worrisome.

The market dipped by 70% and there’s still no demand from leverage longs

The big question is how backward-looking is the investors’ fear and lack of appetite for buyers using leverage despite the 70% correction since the November 2021 peak. It is encouraging to know that Asian traders moved their positions to Tether instead of exiting all markets to fiat deposits.

There likely won’t be a clear sign of a bottom formation, but Bitcoin bulls need to hold ground at $20,000 to avoid breaking a 13-year-old pattern of never breaking below the previous four-year cycle all-time high.

ទស្សនៈនិងយោបល់ដែលបានបង្ហាញនៅទីនេះគ្រាន់តែជាទស្សនៈរបស់ព្រះ អ្នក​និពន្ធ ហើយមិនចាំបាច់ឆ្លុះបញ្ចាំងពីទស្សនៈរបស់កូរីណែលត្រាហ្វទេ។ រាល់ការវិនិយោគនិងការធ្វើពាណិជ្ជកម្មទាក់ទងនឹងហានិភ័យ។ អ្នកគួរតែធ្វើការស្រាវជ្រាវដោយខ្លួនឯងនៅពេលធ្វើការសម្រេចចិត្ត។