#我的Gate交易时刻 June 23 Global Market Review: BTC Plunges, A-shares Surge in Volume, What Are the 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, and when there are more options for capital, liquidity in the crypto circle will be diverted, making the selection of altcoins significantly more difficult. To put it plainly: if you’re trading, would you prefer to buy SanDisk, Nvidia, or chase a altcoin without fundamental support? The former has industry, profits, and real business, and the market is more stable; the latter relies more on sentiment and liquidity. So, looking at Bitcoin now, it should be regarded as a rebound in a bear market.
Today is Tuesday, and I guess many crypto friends 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 charged forward. Crypto panic, A-share celebration, US stock divergence, gold swinging—when viewed together, these are the true market themes today.
1. BTC plunged last night: not a single bad news, but four pressures hitting simultaneously
Single bad news isn’t 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 for the year, 10-year US Treasury yields stay high, and the dollar index strengthens. High volatility assets like BTC and ETH are most sensitive to interest rates; once money gets 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
Drops trigger stop-losses, forced liquidations further push down prices, spot holders follow suit and cut losses, forming a chain of “more drops lead to more selling, more selling leads to more drops.”
4. Geopolitical disturbances cool risk appetite
Ongoing uncertainties in the Middle East lead short-term funds to prefer holding USD, US bonds, and safe-haven assets. Crypto, as an alternative risk asset, naturally bears the brunt.
2. Why is listing US stocks on trading platforms an invisible negative for altcoins?
It’s not necessarily good just because more platforms list assets; 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 future altcoin market can no longer be viewed with the old logic of “it will rise after falling enough.” The less liquidity, the more you need 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 rebound levels—look at resistance, support first for bottom-fishing, and always prioritize position size.
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, and $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. First see if $1,800 can stabilize during a rebound, then target $1,900.
BNB: Relatively resilient, but if the market really tanks, it can’t hold either. Support at $580 / $550, resistance at $620 / $650.
4. How bad is market sentiment?
Data doesn’t lie; extreme fear doesn’t mean an immediate bottom, but it shows the market is very fragile.
Fear & Greed Index: 20, extreme fear. This indicates retail investors are panicking and cutting losses, funds are hiding in stablecoins. USDT market cap share continues to rise over 24 hours, showing people prefer holding stablecoins rather than risking altcoins.
Long/Short ratio: clearly favoring shorts. BTC and ETH ETF funds are still net outflows; open interest in futures contracts has dropped from $42 billion in early May to $25 billion, with funding rates turning negative, indicating leverage funds are retreating.
Altcoin season index: 34. Still far from the 75 threshold for altcoin season, funds haven’t truly dispersed into small coins; more are consolidating around BTC and stablecoins.
5. Three small-cap altcoins: just observe, don’t get caught up
When the market is weak, small coins rise fast and fall even harder.
Risk warning: the following are only for observation, not 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 significant; although there’s a correction, the structure remains. Key support at $4.8, resistance at $6. Tokenomics are relatively clean, with no obvious unlocking pressure.
2. Worldcoin (WLD)
Recently attracting attention, with strong weekly gains. But risk is high—price near historical lows, and future supply will be large. Key support at $0.59.
3. Pudgy Penguins (PENGU)
Transitioned from NFT to consumer goods, with real products and Visa card stories. Although it has fallen a lot, 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 ever, with the Shanghai Composite up 1.78%, brokerage stocks surged to daily limits.
2. SK Hynix leveraged ETF tops Hong Kong stocks: Market cap of HKD 131.6 billion, surpassing the Tracker Fund, with regulators in Korea starting 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, 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 up 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 halts decline and rebounds: Spot gold rebounded near $4,191.74, short-term safe-haven support from Iran-U.S. negotiations disturbances.
10. Zhipu AI market cap exceeds HKD 1 trillion: Hong Kong AI large-model companies’ stock prices soared, but the 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%, and a trading volume of 3.74 trillion yuan, nearing record levels. Brokerages led the rally, with CITIC Construction, GF Securities, and Changjiang Securities hitting daily limits, and Eastmoney up 12.74%. Why so strong?
First, the logic of “buy brokerages as if buying 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, more confidence.
US stocks: Dow rises alone, tech stocks hit hard.
The Dow rose slightly, but S&P and Nasdaq were under pressure, with Nasdaq falling more sharply. 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: halted decline and rebounded, 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, citing the core logic that the Fed won’t cut rates, making holding gold too costly. Short-term, expect consolidation in the $4,120–$4,250 range.
The current market is simply 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.