Spot investment is indeed difficult, but the root cause is not liquidity, rather the market structure itself is distorted.

Look at where the funds are flowing now—PVP battles, short-term emotional tug-of-war, this is the main battlefield. Who still wants to settle down and do value investing in spot? Honestly, the market is not short of money; what’s lacking are investors willing to stay long-term and lay in wait.

The reality is so harsh: everyone wants to buy low and sell high, trying to be the smart money, but instead, they end up fragmenting liquidity. Throwing more money in is useless; more money only pushes PVP to crazier levels, making spot investment even more neglected.

Unless there is a real narrative change in the market, the current situation in spot will persist. BTC can break through expectations, but the bottleneck of the spot structure is really hard to overcome in the short term.