Market observers point out that the liquidity conditions of cryptocurrencies may have bottomed out and buffered by the end of November, and are currently in a slow recovery phase. As the liquidity environment gradually improves, market participants are beginning to anticipate upward momentum in digital asset prices during this cycle. The key to rebounding from the bottom to a genuine upward trend lies in whether liquidity can continue to recover. Based on current signals, the market is accumulating this momentum.