These past couple of days, I've been feeling an indescribable discomfort while watching the market—BTC has been bouncing around the $87,000 level, but the trading volume is incredibly thin. Have you noticed that the order book depth has dropped by about 30% compared to the peak period? Any large order entering the market can cause a slippage of several hundred dollars, which indeed feels a bit uncomfortable.

What's more heartbreaking is that global liquidity is actually hitting new all-time highs. Gold and the S&P 500 are benefiting from this, but Bitcoin seems to be stuck in place, as if it’s waiting for a signal or brewing something.

This time of year at the end of the year is indeed a bit special—large holders are still selling for tax loss harvesting, plus the $2.3 billion options expiration on the 26th, so short-term volatility is definitely unavoidable. In such a thin liquidity environment, the market usually only starts to move significantly after unwinding some leverage on one side. Honestly, rather than chasing rallies or panic selling, patience might be more important now—waiting for liquidity to return rather than rushing to catch the bottom.

Another thing worth noting is that some big players in the industry are shifting more focus toward education and charity. Some Web3 community educational projects are already helping many people learn at zero cost. This long-term development approach is quite commendable. If you're interested in participating or learning more, you might want to check out some related projects. Contributing to this effort is quite meaningful.

Back to the market perspective, what do you think about how liquidity will change after the holidays? Will it continue to stay in this "on-paper" state, or will it gradually pick up? Let’s hear your thoughts.