#我的Gate交易时刻 June 23 Global Market Review: BTC plunges, A-shares surge in volume, what cards are US stocks and gold playing?

Now more and more trading platforms are listing US stocks, crude oil, and gold, which is not good news for altcoins.
Market funds are limited; when there are more options for capital, liquidity in the crypto circle will be diverted, and the difficulty of selecting altcoins will significantly increase. To put it plainly: if you are trading, would you prefer to buy SanDisk, Nvidia, or chase an altcoin without fundamental support? The former has industry, profit, and real business, making the market more stable; the latter relies more on sentiment and liquidity. So, looking at Bitcoin now, it should be regarded as a bear market rebound phase.
Today is Tuesday, and many crypto friends probably didn’t sleep well last night. BTC plunged late at night, waking up to a shrunk account; meanwhile, A-shares surged with high volume, and the brokerage sector collectively advanced. Crypto panic, A-share celebration, US stock divergence, gold swinging—when viewed together, these are the real market themes today.
1. BTC plunges last night: not a single bad news, but four pressures hitting simultaneously
Single bad news is not scary; what’s truly frightening is the simultaneous weakening of funds, leverage, interest rates, and sentiment.
1. The Fed’s hawkish expectations suppress risk assets
Dot plot shifts hawkish, rate hike expectations heat up within the year, 10-year US Treasury yields stay high, and the US dollar index strengthens. High volatility assets like BTC and ETH are most sensitive to interest rates; once money becomes more expensive, institutions will first withdraw from risk assets.
2. US stocks’ mega IPOs and tech mainline siphon liquidity
AI, aerospace, and computing hardware continue to attract funds, with speculative capital shifting from crypto to US tech stocks. After buy-side gaps, any selling pressure in crypto can be easily amplified.
3. Leverage chain liquidations create a negative cycle
Price drops trigger stop-losses, forced liquidations further push prices down, spot holders follow suit and cut losses, forming a chain of “more drops, more selling, more drops.”
4. Geopolitical disturbances cool risk appetite
Uncertainty remains in the Middle East, short-term funds prefer holding USD, US bonds, and safe-haven assets, with crypto as an alternative risk asset naturally bearing the brunt.
2. Why is listing US stocks on trading platforms an invisible negative for altcoins?
More platforms don’t necessarily mean good news; the key is where the money flows. Previously, many could only find opportunities within crypto, and funds naturally rotated among BTC, ETH, and altcoins. But now, with platforms listing US stocks, crude oil, and gold on the same shelf, users will naturally compare: which asset is more certain? which narrative is stronger? which volatility is more controllable?
Therefore, the upcoming altcoin market can no longer be viewed with the old “drop a lot and then rise” logic. The less liquidity, the more you need to pick projects with narratives, trading volume, fundamentals, and genuine attention. Otherwise, you’re not bottom-fishing but catching a knife with insufficient liquidity.
3. Where are the key levels?
BTC, ETH, BNB critical support and resistance levels for rebounds, always prioritize position sizing.
BTC: Bitcoin is currently oscillating around $64,000. This level is very critical.
Strong support: $63,000 / $60,000. $63,000 is a previous low, $60,000 is an integer and psychological barrier; breaking below is truly dangerous.
Resistance: $65,000 / $68,000. To rebound, first break above $65,000; after stabilizing, look at $68,000.
ETH: Recently weaker than BTC, if $1,700 can’t hold, look at $1,600. For a rebound, see if $1,800 can hold, then target $1,900.
BNB: Relatively resistant to declines, but if the market really weakens, it can’t hold either. Support below: $580 / $550; resistance above: $620 / $650.
4. How bad is market sentiment?
Data doesn’t lie; extreme fear doesn’t mean an immediate bottom, but it indicates the market is very fragile.
Fear and Greed Index: 20, extreme fear. This means retail investors are panicking and cutting losses, funds are hiding in stablecoins. USDT market cap share continues to rise over 24 hours, indicating people prefer holding stablecoins rather than easily touching altcoins.
Long/Short ratio: bears are clearly dominant. BTC and ETH ETF funds are still net outflows; open interest in futures contracts has decreased from $42 billion in early May to $25 billion, with funding rates turning negative, indicating leverage funds are also retreating.
Altcoin season index: 34. It has not reached the altcoin season threshold of 75; funds are not truly dispersing into small coins, but more consolidating in BTC and stablecoins.
5. Three small-cap altcoins: just observe, don’t get caught up
When the market is weak, small coins rise quickly and fall even harder.
Risk warning: The following are only observation lists and do not constitute investment advice. Small-cap projects are easily manipulated; keep positions very light.
1. Injective (INJ)
Layer 1 blockchain, focused on decentralized derivatives. Recent 30-day gains are obvious; although there’s a correction, the structure remains. Key support: $4.8; resistance: $6. Tokenomics are relatively clean, with no obvious unlock selling pressure.
2. Worldcoin (WLD)
Recently attracting capital, with strong weekly gains. But risks are high; price is near historical lows, and future supply will be large. Key support: $0.59.
3. Pudgy Penguins (PENGU)
Transitioning from NFT to consumer goods, with real products and Visa card stories. Although it has fallen quite a bit, real-world adoption is a genuine narrative. Price around $0.0064, only suitable for very small positions for observation.
6. Ten major news items in the global financial markets
1. A-shares brokerage sector hits daily limit: On June 22, A-shares traded 3.74 trillion yuan, the second-highest daily volume in history, with the Shanghai Composite up 1.78%, brokerage stocks surged to daily limit.
2. SK Hynix leveraged ETF tops Hong Kong stocks: Market cap of HKD 131.6 billion, surpassing the Tracker Fund, with Korean regulators beginning to monitor retail chasing risks.
3. Goldman Sachs cuts gold target price: From $5,400 to $4,900, citing hawkish signals from the Fed increasing opportunity costs of holding gold.
4. China’s three ministries release 15 measures to stabilize foreign investment: The Ministry of Commerce, NDRC, and Ministry of Finance jointly issued documents to expand market access and address “access but not operation” issues.
5. CATL to deliver first sodium batteries in September: Mainly for energy storage scenarios, aiming for 1 GWh shipments by year-end to counter lithium carbonate price hikes.
6. Vanke receives major shareholder support again: Shenzhen Iron & Steel lends over 1 billion yuan to help Vanke with debt repayment; previously lent 3.87 billion yuan.
7. China’s May fiscal revenue grows 6.6%: Maintaining over 6% growth for three consecutive months, but expenditures declined for two months in a row.
8. Dow slightly up, Nasdaq plunges: On June 22, Dow rose 0.29%, Nasdaq fell 1.32%, with significant divergence in tech stocks.
9. Gold rebounds from lows: Spot gold rebounded near $4,191.74, with short-term safe-haven support from Iran-U.S. negotiations disturbances.
10. Zhipu AI market cap exceeds HKD 10 trillion: Hong Kong AI large model companies’ stock prices soared, but unlocking pressure in July is approaching.
7. What happened yesterday in A-shares, US stocks, and gold?
Three markets, three sentiments.
A-shares: surged with volume, led by brokerages.
Yesterday, A-shares performed strongly, with the Shanghai Composite up 1.78%, Shenzhen Component up 2.13%, ChiNext up 2.52%, with a volume of 3.74 trillion yuan, approaching record highs. Brokerages led the surge, with CITIC Construction, GF Securities, and Changjiang Securities hitting daily limits, and Oriental Fortune up 12.74%. Why so strong?
First, the logic of “buy brokerages equals buy discounted tech” is fermenting;
Second, market liquidity is ample;
Third, policy signals are warming, with improved risk appetite from stable foreign investment and financial opening. In short, more money means more confidence.
US stocks: Dow rises alone, tech stocks hit hard.
The Dow rose slightly, but the S&P and Nasdaq came under pressure, with Nasdaq’s decline more pronounced. This divergence indicates funds are shifting from high-valuation tech stocks to traditional blue chips, with a strong risk-avoidance tone. Hawkish Fed signals, geopolitical conflicts, and high US bond yields all suppress tech valuations.
Gold: stops falling and rebounds but remains under medium-term pressure.
Spot gold rebounded from lows, with Iran-U.S. negotiations causing short-term safe-haven sentiment. But Goldman Sachs lowered its year-end target, with the core logic that the Fed won’t cut rates, making the opportunity cost of holding gold too high. Short-term, expect consolidation in the $4,120–$4,250 range.
The current market is chaotic. Crypto is panicking and cutting losses, A-shares are celebrating volume, US stocks are diverging and oscillating, gold is struggling to bottom out. Each market has its own logic, but the core variable remains: will the Fed cut rates or not? Don’t fight the trend in the short term!
The above is for reference only and does not constitute investment advice.