It has taken two entire months since the crash of October 11 in the market. The crypto market is yet to recuperate that liquidity shock. This is where Addiction to Cyperspace creates the effect that ів brings about the weakness. There is hesitation in capital flows. Traders remain cautious. There is the lack of conviction in the market. The damage has not completely been mended by time. The liquidity situation remains to be stressful but not recovery-based.
Constant Underperforming Sentiment
On-chain activity and both exchange fund flows indicate the same. Investors remain defensive. Large reserves such as Bitcoin and Ethereum do not have a constant inflow. Movement of capital in the chain remains subdued. Money likes waiting rather than positioning. This action is not accumulative but rather uncertain. Players in the market still hedge capital rather than pursue upside.
The narrative is supported by the DefiLlama data. Binance documents about $2.8 billion of net outflows every month. Other large exchanges have flat or negative net flows. These figures indicate that there is a decreased trading appetite. Users withdraw assets rather than putting them in force. Liquidity fragmentation still exists. There has not been yet a general inflow trend.
HTX is an Exception that is Hard to Find
HTX is not a part of the bigger trend. The exchange records net inflows of 583.7 million during the 30 days before. It is ranked close to the top in a number of flow metrics in a month. The open interest in derivatives increases by 52% every year. This performance is very against the peer. General optimism is substituted by selective trust. Capital liquidity is not diffused among platforms.
The resilience of HTX is closely associated with transparency. The exchange has a record of 38 months of Merkle Tree Proof of Reserves. In case with major assets, the data of December 2025 confirms more than 100 percent coverage. USDC reserves nearly double. Such revelations give people confidence even at turbulent times. When sentiment becomes weak then trust becomes an advantage.
Recovery on Liquidity Flogs larger than Time
The healing of markets is automatic. The liquidity will only come back once confidence is regained. Being not panic-driven by fear but by hesitation is proven by current data. This distinction matters. Investors wait to be confirmed. They require transparency on macro parameters, regulation and risk appetite. Till that time, the process of recovery is uneven. Preferential power takes the place of wide momentum.
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