#加密市场流动性 Recently, I've seen many analyses saying that Bitcoin has entered a bear market. I was a bit panicked at first, but after looking closely at the data, I understood what was happening 😅

It turns out that the previous Bitcoin price increases were mainly driven by three waves of demand—such as the US spot ETF, election results, and major events involving treasury companies. But since October this year, these new demands have basically been exhausted, like a feast coming to an end, and the remaining participants are starting to leave. The most straightforward example is the US spot Bitcoin ETF, which was aggressively buying in the fourth quarter of last year, but now has started net selling, reducing 24,000 BTC! 🚨

There's another interesting detail—the growth of large Bitcoin holder addresses is also below previous trends, exactly the same as before the bear market at the end of 2021. Data doesn't lie; liquidity outflow is indeed happening.

Currently, the most concerning thing is that Bitcoin has broken below the 365-day moving average, which is said to be a very important technical boundary in history. As a newcomer, I still feel a bit confused, but I want to ask everyone—how should we respond to this phase of liquidity exhaustion? Should we continue holding, or is it better to wait and see? Would love to hear the opinions of the veterans 💭