Why have altcoins been surpressed this cycle?

Source: TradingView

I've been thinking about it for the last 9 months 🤔 Finally, I got an idea last night 💡

I've watched many videos about Chinese macroeconomy. Since COVID-19, I heard that their domestic economy isn't good somewhat like 2021.

So, I added China GDP data in the existing chart.

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I've said many times, it seems that Altseasons are related to the U.S. PMI(Purchasing Managers Index).

However, even though the current U.S. PMI is 53.4 which is higher than 2023, most altcoins have been bearish. It's the first phenomenon since 2016.

How about China 🇨🇳 GDP YoY? Recently, China GDP YoY is about 5%. Of course, these are high levels rather than other countries. But, for China, it's not high. Currently, their GDP has been increasing.

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By the way, I heard that it's really hard for entrepreneurs to move money to other countries due to several regulations and sanctions. They might buy cryptos to exit it via OTC.

So, I assume, after China GDP records more than 7%, some of them may want to move money to other countries. Crypto would be one of solutions.

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This is just a scenario. So, let's keep our eyes on to the crypto market whether the scenario will be right or not 👀

(NFA: Not Financial Advice)