Recently, there has been an interesting phenomenon in the market—large-scale liquidity expectations are continuously heating up, while at the same time, the locked positions of BTC and ETH in institutional hands are increasing. What underlying logic is hidden behind this contrast?

Looking back at the 2020 cycle, the liquidity injection indeed led to an epic market rally. But back then, market participants were dispersed, with retail investors making up the majority. Now, things are different—institutions have already deployed, and circulating chips are severely compressed. What does this mean? Simply put, once new liquidity truly enters the market, how volatile will the prices become? Who can imagine?

On the bearish side, they are still playing old tricks: organizing public opinion, amplifying risks, and creating panic. How effective are these tactics? Basically, they are useless. Because the holders are already accustomed to this rhythm, with ample cash reserves and stable positions, every pullback instead becomes an opportunity to add positions.

Market sentiment is diverging. One side consists of longs holding their ground and waiting for a rebound; the other side comprises shorts with exhausted resources, struggling to hold on. In the long run, the former’s patience will prevail. Buying more as prices fall often turns out to be a winning strategy in cyclical markets.

The biggest test right now is personal psychological resilience. How costly is missing the opportunity? How high is the risk of holding on stubbornly? These are not simple math problems. The key lies in your judgment of the future liquidity landscape and your ability to withstand volatility.

Recently, tokens like ZEC, SUI, and DOGE have also shown some movement, reflecting a renewed market interest in risk assets. Regardless, the big wave has already begun. The options in front of us are clear—wait for opportunities, actively chase gains, or continue to observe.