Recently, I took stock of the trading data and discovered an interesting phenomenon—this month's trading volume is only a little over 20% of last month's, already halved. November's figures were already significantly lower than October, and now this number is even more disheartening. Even though I still have some quantitative trading operations running and major positions haven't fully exited, the trading activity remains so sluggish. What does this imply?

Is there still anyone seriously playing in the blockchain market? This is a question worth pondering. From both technical and fundamental perspectives, there are indeed many enticing signals tempting people to enter, and various indicators seem to tell a story of a "rebound."

But when I look at the actual market temperature—those leading indicators are giving off signs of winter. The sharp decline in trading volume, the sluggishness of active addresses, the cold on-chain heat... all these are speaking in reverse. The technical signals are shouting "buy," while market data is waving "no," creating a disconnect that leaves people somewhat at a loss.