The current market situation can be viewed as follows: the funds with chips in hand have already exited the market, and those still holding coins and watching have completely lost their confidence.

This is a typical liquidity exhaustion state. The market has fallen into a strange cycle—no one is willing to take over, and no one is in a hurry to jump in. Trading volume is sluggish, and price fluctuations are driven purely by technical factors. The once hot influx and outflow of funds are now almost invisible.

In simple terms, those chasing quick profits have left, and what remains is just waiting around. When liquidity hits bottom, any small movement can be amplified, and vice versa—even good news struggles to ignite market enthusiasm. This situation may persist in the short term.