Why did the crypto market suddenly fall behind in Q2? An article to understand where funds flowed from the crypto circle

【Plain Language Guide】This round of correction may not be as "all bad news priced in", but the market has indeed been pushed back to a more realistic position: ETFs are outflowing, stablecoins are shrinking, and Strategy's financing myth is also under pressure, indicating that the several core capital pipelines that drove the previous rally are not going so smoothly.
At the same time, Hyperliquid, RWA perpetuals, and tokenized stocks are bucking the trend. What is really worth watching is whether the crypto market is losing its narrative at the moment, or is it making room for the next round of structural moves that are more on-chain and more towards new asset classes?
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