Short term strengthening of counterfeit currencies carries hidden risks 1、 Market appearance: high sentiment and sector rotation Bitcoin is approaching its historical high and has risen to $107100, just one step away from its historical high of $108800. The market has strong bullish sentiment, but extreme optimism requires caution against the risk of hitting the top. Shanzhai coins briefly led the way, with the Bitcoin dominant index falling from 65.38% to 61.89%. The market value of shanzhai coins has risen in the short term, but it has encountered obstacles at $1.17 trillion. Breaking through $1.31 trillion is the signal of the "shanzhai season", and the comprehensive shanzhai market has not yet been confirmed. 2、 Key risk: Decrease in USDT reserves indicates potential liquidity concerns Shrinking purchasing power of stablecoins: The reserve of Tether, the issuer of USDT, the "capital fuel" in the market, has been continuously decreasing since mid March. Data shows that similar situations in June and July 2024 led to a sharp decline of 23.5% ($275 billion) in the market value of altcoins. If the USDT reserves continue to decline, it may trigger a liquidity crisis, and we need to be vigilant about the possibility of a major correction in counterfeit currencies. Core Reminder: Driven by short-term emotions, the strengthening of altcoins may be a temporary phenomenon, and USDT fund outflow signals need to be closely monitored to avoid chasing high risks.