2025-12-31 09:22:28

There has been a lot of discussion recently about BTC market makers, but to be honest, the core issue now is not about market makers at all. The recent drop of 1011 points may seem abrupt, but the underlying logic is very clear—liquidity has dried up.

The market has fallen into a delicate deadlock. Retail investors are on the sidelines, institutions are also waiting and watching, and even some project teams are beginning to rethink their strategies. No one wants to be the one to take the final step. This mentality is spreading, creating a very strange situation: no one dares to act first.

Talking about market makers maintaining prices at this point is somewhat like fitting a square peg in a round hole. Because the basic consensus in the market has already disappeared. Without consensus, there is no basis for pricing, and market makers cannot generate trading activity out of thin air. Ultimately, it becomes a vicious cycle—diminished trading volume leads to falling prices, which further discourages participation, causing trading volume to shrink even more. This spiral downward cannot be reversed by market makers alone.

BTC-1,11%

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LiquidationKing

· 22h ago

Basically, it's all about psychological warfare now. Whoever backs down first will be the one to lose.

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ApeWithAPlan

· 22h ago

Basically, it's a confidence crisis right now, everyone is waiting for others to jump into the pit first.

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AirdropHuntress

· 22h ago

Liquidity exhaustion is a valid judgment, but I think the key still depends on what the big funds are doing. Are retail investors and institutions both on the sidelines? Data shows that the activity of whale addresses has significantly decreased during this period, which is quite interesting. --- Deadlock is correct, but historical data shows that there are always signs before such stalemates break. The key is to see who breaks the defense first. --- That analogy of pushing a duck onto the shelf is excellent. Market makers are indeed in a difficult position right now. In a market without consensus, anyone trying to maintain the price is futile. After research and analysis, I am increasingly convinced of this. --- Without consensus, there is no basis for pricing. This hits the point. The question is, when can consensus be re-established? Or will it just slowly die out? --- Spiral decline can't be leveraged? I want to see who has the guts to be the first to take over. Usually, the person who takes over later... How do you all view this point?

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HorizonHunter

· 22h ago

Basically, everyone is pretending to be dead, waiting for someone else to take the bait first.

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