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#The crypto circle is over
The poor environment is just an illusion. In the past, funds in the crypto circle would hedge within the circle (BTC→Stablecoins→DeFi), but now they are being directly pulled out by tokenized US stocks, flowing to Wall Street.
This is not hedging; it's switching markets.
The worse the overall environment, the more tokenized US stocks resemble a precise "soft knife" that harvests liquidity—crypto funds will never come back.
#SpaceX认购规模超2500亿美元 $ETH