The current market liquidity has indeed dropped significantly, with total contract positions halved from the peak in October, and spot trading volume has shrunk by seventy percent.

This is a result of the previous high leverage being cleaned out; at that time, the market leverage ratio was high, and any price fluctuations triggered concentrated liquidations, accelerating the decline.

At the same time, macro uncertainty has intensified cautious sentiment in the market, and some funds have chosen to wait and see.

However, a contraction in liquidity does not directly equate to the market continuing to decline. A decrease in positions may also mean that the selling pressure in the market is weakening, and the short positions are being released.

The key is whether the price can stabilize at its current position. Some mainstream coins with actual ecological support, although trading volume has decreased, have not seen a significant drop in the number of active addresses on-chain, indicating that core holders are still present.

The market is shifting from restlessness to calmness, and the low liquidity period often presents opportunities for positioning, but it requires more patience. For short-term players, low liquidity means that volatility may increase, so operations should be more cautious; for long-term investors, attention can be given to projects that continue to maintain technological progress and user growth during the downturn.

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