From the perspective of liquidity indicators, the crypto market may have found its bottom in November. As the funding environment gradually improves and liquidity slowly rebounds, many analysts believe this is the key window for the market to initiate an upward cycle. The current market sentiment is facing a turning point, and this change in on-chain liquidity often precedes price movements by one step. For traders, paying attention to liquidity trends can help detect market rhythm shifts earlier — from the funding crunch during the trough to increased activity during the rebound phase, this process is worth close observation. Whether the market can truly start a new upward trend depends largely on whether liquidity can continue to grow and market sentiment further improves.