Looking at today's gain ranking, the most skyrocketing coin can be brought back to zero with just 180,000 in sell pressure. The coin with the biggest decline only needs 60,000 in selling pressure. Where has this liquidity gone? Are market makers all on strike?

The question is—when a coin's trading depth is so shallow, price fluctuations become entirely a game of capital volume. Large investors can easily move the market with a single finger, causing the K-line to dance wildly. Retail traders trading in such an environment, to put it bluntly, are gambling.

What is behind the evaporation of liquidity? It could be that the project team hasn't attracted enough trading volume, or perhaps market makers simply don't see the profit potential in these coins. Or maybe, the entire market's funds are concentrating on top-tier coins, leaving small and medium coins cold. This phenomenon is especially evident in a bull market—everyone is chasing hot topics, and the willingness to market-make for small coins naturally diminishes.