On the surface, the market still seems bullish—green candlesticks are reappearing, and retail investor sentiment is slowly warming. But if we look at a deeper level of liquidity structure, a completely different picture emerges 🟢

This is not a full recovery, but rather capital is highly concentrated and shrinking into a few assets, while the rest of the market is quietly weakening. The "strength" shown on the chart is often just an illusion of liquidity—a structure that masks internal distribution with the appearance of a "shanzhai season" (copycat period).

The current characteristics of capital are clearly selectively enhanced. A few targets continue to absorb liquidity: $JELLYJELLY remains the core gathering point for speculative funds, while $OPG, $SLX, $LAB, $BSB, $ALLO, $CHIP , and others show a more stable structure and ongoing capacity to absorb. The features of these areas are: trading volume is synchronized with genuine confidence.