The market in December is really hard to read.

The Fed sent out signals of a rate cut, and just as the market was about to warm up, Japan suddenly changed course and rate hike expectations poured a bucket of cold water. Squeezed from both sides, it’s like fire and ice.

But to be honest, none of that is the main point.

So what is the key? BTC’s capital has been flowing out recently. If you watch the capital flows, you can feel it—the market sentiment hasn’t recovered yet, and there’s a clear bearish atmosphere.

A lot of people like to chase the news, thinking headlines can determine price movements. But the real driver behind the market is never the headlines, it’s the capital. Wherever the money goes, that’s where the market heads.

Liquidity is the real truth.