#比特币流动性 In the recent market, large funds are all on the sidelines. I still remember that wave in October; the way they behaved was indeed ugly, and retail investors were completely washed out. Afterwards, capital began to slowly realize profits and withdraw, which is completely different from the scene earlier this year when funds flooded in and rushed to push up the market.

Looking at the short-term volatility now, it’s basically a cycle of诱涨→快速下杀→再诱涨→再下杀 (诱涨:诱导上涨, rapid decline, and so on). Previously, we could endure a couple of days of a爆仓潮 (liquidation wave), but now it’s just out in the open, directly confronting it.

Traders’ goals have also changed. Last year, they were thinking about turning 100,000 USD into 1 million USD, but now most people’s goal has shrunk to—breaking even is considered a win.

2025 is almost over, and I hope next year’s liquidity can be better, and that $BTC, $ETH, $SOL and other mainstream coins will have fewer of these short-term violent fluctuations.