The June 18th crash isn't about macro trends or the Fed; it's the lack of confidence within the market. Participants are either holders or traders. Holders are mostly holding or cashing out, with few buying at this level. The BTC ETF narrative has ended for now, and there's no new big buying interest. Meanwhile, the valuation of altcoins remains chaotic.

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In my view, altcoins are sentiment indicators, with new coins being the most prominent. Regardless of valuation, exchange and market maker mechanisms usually keep prices stable, but this model is fragile and fails when the market bleeds. Current project teams don't know how to handle these situations without strong market maker support. Poor performance by project teams and market makers can spread, so value those who maintain their efforts.