Analysts: This bull run is driven by long-term Spot investors, and if it begins to taper off, the market will quickly turn bearish.

On October 20, crypto analyst Willy Woo posted that the liquidity driving the peak of the last bull run mainly came from the “paper hands” derivation market. “Paper hands” are essentially short-term speculative tools—people are willing to enter the game but won't stay for the long term. This cycle is showing a different trend. The liquidity of “paper hands” has begun to fade, while long-term Spot liquidity remains stable. However, this does not indicate a bullish signal for the “Supercycle.” Once the Spot liquidity of long-term investors starts to decline, the market trend will quickly turn bearish.

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