#数字资产动态追踪 As the year comes to an end, I want to discuss the current state of global crypto market makers.

Since last year's black swan event, global market-making institutions have basically completed the full process of divestment and liquidation. Although many institutions haven't openly admitted defeat, data reveals the signs—trading volume of some well-known market makers continues to decline, market depth is noticeably worse than before, and capital reserves are already stretched thin. This is not a recession; it's a true retreat.

What is the current market situation? The market is dominated by bears. The Federal Reserve's policy direction keeps changing, and negative news worldwide is everywhere. In this environment, whether spot or futures, both are dangerous—when the market is bullish, it explodes upward; when bearish, it collapses downward. The market is just squeezing both longs and shorts.

In the short term, there are no clear bottom signals, and rushing in might result in getting trapped. Instead of chasing highs and selling lows, it's better to wait for a clear turning point before entering. Sincerely recommend: don't rush to build positions at this stage; $BTC, $ETH even at lower levels, still have traps. Preserving capital and quick reflexes are the safest strategies right now. In the medium term, it still depends on whether the bears can stomach this wave.