#数字资产市场动态 🔥 Is the bottom signal of the bear market emerging? The data comparison this time is quite interesting.

Recently, some institutions have been analyzing Q4 market performance and have identified a bunch of intriguing divergence phenomena.

On the surface, the market appears to be all green, but a closer look at on-chain data and fundamentals shows that they are actually strengthening simultaneously—this often happens on the eve of a turning point in history.

**Three Most Noticeable Divergences**

The most obvious case is ETH: the price has fallen 29%, but on-chain transaction volume has hit new highs. In simple terms, the price is weak, but more people are using it. This doesn’t seem right.

Crypto company stock prices have fallen about 20%, yet revenue growth is three times that of other industries—what do you call this? Fundamentals and stock prices are playing a reverse game.

The most exaggerated is stablecoins: market sentiment has become scattered, yet the asset size and trading volume of stablecoins are breaking records. Currently, the market cap of stablecoins has surpassed $300 billion, with annual trading volume soaring to $46 trillion—comparing this, it’s 2.5 times Visa’s transaction volume.

**Will history repeat itself?**

The last time such a situation occurred—"poor prices, strong fundamentals"—was early 2023. At that time, it was also a bottom in sentiment and price, but on-chain and company data were steadily growing.

What’s next? Bitcoin rose from $20,000 to over $100,000, an increase of over 400%.

**What do the current signals indicate?**

No need for institutions to give direct signals. But the logic is clear: when prices are least wanted and sentiment is worst, fundamentals are secretly strengthening—this is often a sign that a structural bottom is near.

$BTC $ETH $SOL The current state is worth paying more attention to.