Recently, the panic atmosphere in the encryption market is indeed intense. Opening the market software, all I see are falls, and many altcoins have shocking declines. Interestingly, however, Bitcoin and Ethereum, the two major cryptocurrencies, have shown completely different resistance to the decline.

According to real-time data, the current BTC price is $87786.87, with only a 1.16% fall in the last 24 hours, and the trading volume remains at $426 million. ETH's performance is even more impressive, with a current price of $2960 and a drop of only 0.35%, while the trading volume is stable at $282 million. In comparison, many altcoins have collectively plunged, with several dropping over 10%, and the trading volume has also significantly shrunk. What does this phenomenon of divergence reflect?

One core factor is that the hedging effect of funds is at play. Whenever the market experiences significant fluctuations, funds instinctively flow towards the most certain and liquid assets. BTC and ETH, as the cornerstones of the cryptocurrency market, naturally become the preferred safe haven for funds. Although the market has seen a decline, judging by the stability of trading volume, funds have not been withdrawn on a large scale; instead, they are gradually absorbing chips. Behind this stable trading volume is the continuous recognition of the value of these two major cryptocurrencies.