Recently, I was chatting with a friend, and the high-frequency topic this month is one thing: waiting. Waiting for what? Everyone is waiting.

This year's market is indeed different from previous years. A double whammy of liquidity vacuum and narrative vacuum—something we haven't experienced in the past two years. Although liquidity was retreating before, it was nowhere near this level; and there are still some promising narratives.

Now? We've truly felt what a vacuum is. Some seasoned market participants have chosen to rest, while others have been forced out through liquidation. The extent of liquidity exhaustion is palpable. The market narrative is even more silent—no new hotspots, no clear expectations, everyone is just waiting. Waiting for liquidity to return, waiting for new stories to emerge, waiting for the market to give a new direction.