There have always been people who regard TOTAL3 as a barometer for altcoins, but upon deeper research, you will find that this indicator actually has significant flaws. The composition of TOTAL3 is: the total market cap of cryptocurrencies minus Bitcoin and Ethereum. However, it also includes stablecoins, which have almost no volatility. As a result, the "altcoin scale" you see is diluted by a large amount of ineffective volume. For example: USDT is about 174B, USDC is about 74B, totaling approximately 248B. The total market cap of TOTAL3 is about 1060B, with stablecoins accounting for over 23%. In other words, nearly a quarter of TOTAL3 comes from assets that do not move. Using it to gauge the heat of altcoins will naturally deviate from the actual situation. If you exclude stablecoins and only observe TOTAL3 – stablecoins, combined with BTC.D, ETH.D, and USDT.D, you will clearly see the short-term hedging effect. After standardizing the data from the past five years, a clearer...
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