Asia Morning Briefing: BTC Market Stress Reveals a New Crypto Order

Market analysis following Bitcoin's dip below $90,000 indicates a significant shift in the crypto ecosystem. Unlike typical deep corrections where altcoins suffer broadly, cross pairs remained firm, suggesting the market is moving from being liquidity-driven to fundamentals-driven. Market makers like Enflux note that tokens lacking clear revenue, utility, or institutional relevance have dropped significantly (60-80%), contrasting with past speculative cycles. Assets tied to staking, ETFs, or real-world usage are holding their value better. Observers like March Zheng of Bizantine Capital confirm this, noting the relative ranking of top-twenty coins remains balanced, which is unusual during heavy BTC corrections. This stability points toward a more orderly structure where durable assets are separating from speculative beta, challenging the thesis of broad speculative rotations.

(Source：CoinDesk)