Recently, the market feels highly dependent on the rhythm of the US stock market. Looking at BTC's performance, the daytime rise was quite good, but by the evening, when the US stocks continued to pump, it was lagging behind again. Although it ultimately did not fully follow the US stock market trend, this passive following feeling is indeed somewhat helpless. From a macro perspective, the Fed's liquidity injections have small-scale operations at the end of each year, but these funds mainly flow into the banking system, and the scale is actually not large. Don't be confused by the news of QT ending; it doesn't mean that QE is immediately on the way.

What’s more concerning is the transaction volume data for BTC — it hit a new low for the year on Saturday, only in the range of over $10 billion. Although the Christmas holiday and weekends tend to reduce trading volume, this data does seem a bit extreme. In comparison to the performance of gold, silver, and US stocks, their liquidity reduction is nowhere near as exaggerated. This asymmetric low transaction volume reflects a typical bear market characteristic from a certain perspective — there is a severe lack of trading enthusiasm and a noticeable decline in participation. This signal is worth traders paying extra attention to.