On-chain data has indeed looked much better over the past three months, but market enthusiasm remains somewhat cold. Observing the trading discussions around us, activity levels are far below expectations, and most people are still in hibernation. The most surprising thing is that the scale of this round of liquidations is larger than expected—much more than the paper losses, the actual number of positions liquidated is significantly higher. It seems that many participants are suffering losses far beyond expectations in silence. On-chain indicators are improving, but the recovery of popularity still seems to require more time.