8 billion USD in daily trading volume—this number alone is enough to be embarrassing if it gets out.

There were still 41 billion in December 2024; now only 8 billion remains, an 80% shrinkage. The most beloved narrative in the crypto market is "institutional entry" and "bull market is coming." But when institutions arrive, liquidity actually evaporates by half. Who wrote this script?

Even more ironic is Thielen's conclusion: "A broad upward trend is unlikely." Duh, with trading volume cut to the ankles, what’s there to rise? Retail investors are either trapped and pretending to be dead or playing derivatives for excitement. In the spot market, it’s basically just institutions exchanging hands—exchanging, exchanging, until they find no counterparties left.

As for "trading volume concentrated on a few targets," here’s a translation: it’s either BTC/ETH or meme coins. The mid-tier altcoins can’t even get a sip of the soup. During a bull market, everything rises; during a bear market, only the top players survive. This is the iron law of the crypto world, proven every cycle.

Lack of catalysts is true. But from another perspective: the market is so cold that each real rally becomes even more valuable—because it’s driven by real money, not a liquidity bubble. #Gate广场四月发帖挑战 $GT