"610" strikes, altcoins generally fall by 30%, what happened to the encryption market?

At noon on June 10, the cryptocurrency market experienced a sudden change.

Although the decline of BTC and ETH was not obvious (both around 3%), other altcoins generally saw a 10% - 40% decline in the short term. From the OKX decline list, we can see that many well-known altcoins, including LOOKS, TON, CETUS, DASH, etc., have fallen by more than 25%.

Under the extreme volatility, in the past 1 hour, the total liquidation of the entire network was 217 million US dollars, of which about 203 million US dollars were liquidated for long orders, and approximately 13.8288 million US dollars were liquidated for short orders.

As for the reasons for this round of slump, considering that the decline of BTC and ETH is not obvious, but the altcoins are greatly affected, some people in the industry speculate that this round of slump may be caused by the sudden withdrawal of a large market maker—— BTC and ETH have a lot of market makers and good liquidity, so only altcoins were hit hard.

Opinion via: NGC Partner Kay

Opinion from: Exit Liquidity Capital Partner Nick

After further analyzing the origin of the market changes, many people in the industry speculated that it seemed that a certain market maker on Binance suddenly withdrew its capital (not yet confirmed). As for the specific market maker, it is temporarily impossible to accurately speculate.

Opinion via: Twitter KOL Jake gives no facks

Opinion via: Twitter KOL EthDaddy

Others in the industry speculate that the market maker may be; Cumberland, based on Cumberland; after the SEC filed a lawsuit, it has withdrawn a total of 37,600 ETH from Binance and Coinbase.

Opinions via: Polygon Chief Information Security Officer; Mudit Gupta

In addition to the speculation of "market makers fleeing", there are also some other bad news in the industry today, such as TUSD has temporarily stopped minting TUSD through Prime Trust, and Grayscale has submitted a request to the US SEC to withdraw the application for Filecoin trust products. But objectively speaking, these news aspects obviously cannot have such a large-scale impact on the market, so we are still inclined to the above speculation.

Earlier this week, as the SEC successively filed lawsuits against two leading exchanges such as Binance and Coinbase, the cryptocurrency market attracted a new round of regulatory shocks.

Under the crazy output of the SEC, some institutions that have been involved in cryptocurrencies have begun to distance themselves due to compliance pressure. For example, Robinhood has decided to delist the "securities" tokens mentioned in the SEC's lawsuit ( These tokens also saw a considerable drop this round).

It is inferred from this that due to the same compliance pressure, or worrying about the follow-up trend of the market (if there is a serious unilateral market due to supervision, market makers will face greater inventory risks), it is not a problem for market makers to choose to withdraw early. incomprehensible.

It is worth mentioning that in the case of; SEC v. Binance, the SEC also accused; Sigma Chain and; Merit Peak, etc.; two major market makers on the Binance platform and; Binance have hidden ties, and the flow of funds is not transparent , Whether the accusation is related to today's change of disk is not yet confirmed.

As of the publication of this article, after the first round of slump, the market seems to have some signs of stabilization for the time being. As for how it will develop in the future, Odaily Planet Daily will continue to follow up and report.