Matrixport pointed out in the report that many traders may make emotional trading decisions, but Bitcoin always responds rationally to macroeconomic, monetary, and liquidity events. After Trump's victory in November 2024, both Bitcoin and altcoins surged due to market expectations that he would establish strategic Bitcoin reserves and position the United States as a global cryptocurrency center. However, the hawkish tone at the December FOMC meeting suppressed liquidity expectations. Market sentiment remained strong before Trump's inauguration on January 20th, but uncertainty gradually increased thereafter.
Unlike the new DeFi cycle in the bull market of 2020/2021, the era of memes and Pump.fun has arrived. The two main beneficiaries of the Pump.fun meme craze are Solana and Ravdium, but as daily trading activity declines, the hype driven momentum quickly fades away. In the past 30 days, the daily issuance of memes on Pump.fun has decreased by 16%, indicating a weakening of speculative interest. A key factor contributing to this slowdown is the Trump meme, which has attracted a large number of retail investors to enter and purchase at unfavorable prices.
Despite the recent surge in Ravdium (RAY) prices, there has been a significant trend: the number of wallets holding over 10000 SOLs has sharply decreased in the past two months, indicating that major players are shipping and may suppress the continued rise in SOL prices. However, this may also indicate that early whales who accumulated SOL before the end of the 2023 meme cycle are now cashing out and reallocating their earnings to Bitcoin. This round of movement can explain why Bitcoin remains resilient despite the overall downturn in the Shansai coin market.
