Crypto analyst Willy Woo wrote that the liquidity that drove the peak of the last bull market came mainly from the derivatives market of "paper hands", which are essentially short-term speculative tools - people are willing to enter the game, but not stay for long.
This cycle is looking different. "Paper hand" liquidity has started to fade, while long-term spot liquidity remains stable for now. But this is not a bullish sign for a supercycle. Once the spot liquidity of long-term investors starts to wane, the market trend will quickly turn bearish.
Analysts: This bull market is being driven by long-term spot investors. If it starts to decline, the market will quickly turn bearish
2025-10-20 15:23:28
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