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堵塞_Wave
Diverting funds! Speculating on altcoins or focusing on US stocks?
What is really happening now is not simply "U.S. stocks stealing crypto funds," but global capital reassessing asset quality.
In Q2 2026, the total market capitalization of the crypto market fell by 12.6% in a single quarter, and the scale of stablecoins also dropped by 1.6%. This is the first quarterly contraction since 2023, indicating that overall incremental liquidity in crypto is indeed weakening.
On the other hand, U.S. stocks have real earnings support: in Q2, over 440 S&P 500 companies have disclosed earnings, with about 86% earnings exceeding expectations and overall earnings growth close to 50%.
This is the root cause of the shift in capital preferences:
Previously, with ample liquidity, narratives alone could earn high valuations; Now, capital is more willing to pay for revenue, profit, and cash flow.
Of course, altcoins will not disappear. Currently, the Altcoin Season Index is around 51/100, and the market hasn't even entered a full-fledged altcoin season yet.
$BTC #WeakConsumptionFedSplit #OpenAIAnthropicRace #SKHynixCapexSurge
