Recently, the global macroeconomic situation remains turbulent, geopolitical games intensify, and risk appetite in the capital market is under pressure. In this complex context, the cryptocurrency market has shown an unprecedented structural differentiation: on the one hand, institutional funds continue to flow into mainstream assets such as Bitcoin and Ethereum; on the other hand, altcoins are shrinking across the board and liquidity is extremely exhausted. Jason, an analyst at StarEx Exchange, believes that in a sense, this change marks the transition of the cryptocurrency circle from "all-people speculation" to a new era of "mainstream asset grouping". The rise of mainstream coins has stagnated, and altcoin funds have flowed out, but there are still opportunities for structural market conditions.
Trump postponed the implementation of tariffs on several countries until August 1, but at the same time, the "targeted attack" on key industries is escalating. The latest tariff rates faced by 14 countries including Japan, South Korea, Kazakhstan, Malaysia, etc. range from 25% to 40%.
Tariffs are no longer "general talk", but are imposed on strategic industries such as automobiles, chips, and medicines. These industries happen to be the economic pillars of many Asian countries. This blow to the "vital point" of the supply chain will lead to a chain reaction, from export companies to their upstream and downstream suppliers, and even to the domestic capital market.
At the same time, Trump's "big and beautiful" bill in the country has also been controversial, and the large scale of fiscal spending has caused concerns about a debt crisis. Elon Musk has even "started a new party" in the political arena, announcing the establishment of a new party, breaking the two-party structure and further exacerbating uncertainty in the United States. This series of political and economic games is forming an extremely complex macro environment.
Jason, an analyst at StarEx Exchange, believes that in this context, the risk appetite of global capital has significantly declined, and risk aversion has become the core logic. One of the manifestations is that traditional financial funds have bought a large amount of Bitcoin and Ethereum through spot ETF channels, while almost completely ignoring other altcoins.
ETF funds and institutional funds have been buying Bitcoin and Ethereum recently. In sharp contrast, most altcoin sectors are still in a very cold period. The trading volume of exchanges is sluggish, and the number of active addresses on the chain has plummeted. DeFi, GameFi, NFT and other sub-sectors are almost all affected. In a market without new funds, institutions will only allocate large assets with fundamentals and liquidity, while projects that lack fundamentals and lack of funding capacity can only be left to be eliminated naturally.
However, in the midst of the depression, the BONK ecosystem on the Solana chain has recently emerged against the trend and become a bright spot in the crypto market. According to Dune data, on July 7, the Letsbonk.Fun platform launched 7,714 Meme coins, second only to Pump.fun's 19,367, and far exceeding the third-place JupStudio's 2,372. In a market with low liquidity, this data itself speaks for itself: funds are looking for new "interesting" gathering points, and the BONK ecosystem provides users with low-cost, high-frequency, and creative on-chain participation tools.
Moreover, Letsbonk.Fun’s transaction volume reached $95.36 million in 24 hours, and the platform generated $327,000 in handling fee income. If annualized, the platform’s income will exceed $38.25 million, forming a clear business model. The number of BONK token holders is approaching the 1 million mark, and it has been announced that 1 trillion tokens (about $22.81 million) will be destroyed at this node, forming positive community expectations and deflationary effects.
Jason, an analyst at StarEx Exchange, believes that although the market is in an era of "stock game", there are still sectors that have built local prosperity through high social attributes, strong community consensus and user participation mechanisms. The crypto market in 2025 will no longer be a bull market cycle like 2017 and 2021, but a structural market shifting from "universal participation" to "professional investment". Mainstream currencies are driven by ETFs to enter the "Wall Street logic", and the asset pricing system is reconstructed; altcoins are marginalized, and only a very small number of ecosystems have the ability to "generate blood";
Macro uncertainty suppresses market risk appetite, but instead promotes the logic of "mainstream asset safe haven"; local funds begin to look for high-frequency entertainment scenarios, and the Meme economy is still the "backyard" of the crypto world. Facing this new cycle, investors need to abandon the old "bull-bear" thinking and look at the market from a "structural configuration" perspective. In this new era of structure and institutionalization, whether or not to seize local opportunities in certainty is the key to crossing the cycle.
