🚨 On the surface, this round of market trend still maintains a healthy upward structure, but if you look closely at the capital flow behind the price, the actual situation is clearly diverging.

The candlesticks are still rising, market sentiment is gradually improving, and trader confidence is slowly being restored. From a chart perspective, this seems to be a stable and orderly upward trend.

But when shifting the perspective from "price" to "liquidity," the market structure becomes completely different.

This is not a fully spreading bull market phase.

It is a typical "liquidity compression period"—funds are no longer rotating broadly but are continuously concentrating into a few of the strongest assets.

💧 The market is not lacking liquidity, but it is becoming increasingly concentrated. A small number of assets are absorbing the vast majority of trading volume, attention, and speculative funds, while most other targets struggle to sustain buying support.