Crypto Market Watch for June 23, 2025 First, the overall trend of the market Today's cryptocurrency market is clearly polarized. Bitcoin (BTC) fell sharply, triggering a collective decline in altcoins, with Bitcoin's market capitalization accounting for a further climb to 66%, and the altcoin market continued to be similar to the volatile and downward pattern in the first half of last year. At the same time, traditional financial markets have also experienced sharp fluctuations, with U.S. stock indices declining and international oil prices rising sharply due to geopolitical risks. The news of Iran's blockade of the strait has exacerbated market concerns about crude oil supply shortages and rising inflation, which has also affected the risk appetite of crypto investors to some extent. 2. Hot sectors and project performance 1. Stablecoins and Compliance: The stock price of Circle, a stablecoin issuer listed on the U.S. stock market, continues to soar, and its market value has exceeded $50 billion, a cumulative increase of up to 8 times since its listing, showing the market's high recognition of the compliant stablecoin business. Compared with the weak altcoin market, the coin and stock linkage sector shows stronger resilience and growth potential. 2. The public chain ecology is under pressure: Ethereum (ETH), as the leader of the public chain, has seen a price decline, and its weak trend has directly dragged down the entire altcoin market. It is worth noting that Yi Lihua, a well-known investor, recently borrowed $250 million through the Aave protocol to deploy ETH long orders, which caused the market to discuss and wait and see the subsequent trend of Ethereum. 3. Contrarian performance of emerging assets on the chain: Some on-chain native assets have shown unique resilience, such as Hype, Labubu and other project tokens, not only did not follow the decline of the broader market, but rose against the trend in the general market decline. Such altcoins that show resilience or rebound first during market downturns often have strong community consensus and potential value, and have become the focus of investors. 4. Changes in old and linked assets: The old token Fun has seen a significant increase, with a short-selling fee of -0.3%, suggesting that the short-selling power of the market is weakening; The small-cap token GNS also ushered in a rising market, and its eponymous U.S. stock announced the purchase of Bitcoin, further highlighting the linkage effect between traditional finance and crypto assets, adding a new dimension of observation to the market.