2025-12-25 13:23:58

Recently, I was chatting with a friend, and the high-frequency topic this month is one thing: waiting. Waiting for what? Everyone is waiting.

This year's market is indeed different from previous years. A double whammy of liquidity vacuum and narrative vacuum—something we haven't experienced in the past two years. Although liquidity was retreating before, it was nowhere near this level; and there are still some promising narratives.

Now? We've truly felt what a vacuum is. Some seasoned market participants have chosen to rest, while others have been forced out through liquidation. The extent of liquidity exhaustion is palpable. The market narrative is even more silent—no new hotspots, no clear expectations, everyone is just waiting. Waiting for liquidity to return, waiting for new stories to emerge, waiting for the market to give a new direction.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

14 Likes

Reward
14
5
Repost
Share

Comment

0/400

DancingCandles

· 9h ago

Wait a minute, it feels just like my experience over the past two months. It's really a double vacuum—liquidity is gone, narratives are gone, and it feels like the entire market is holding its breath. Old Cat is already resting, and I'm still here watching the market, honestly a bit crazy. This silence is more terrifying than a drop; at least when it drops, there's a sense of direction. Double pressure, and it's all over—who can withstand this? When will the market give a signal? I'm about to fall asleep. To be honest, the liquidation is liquidation, the rest is rest, and we're still here waiting—laughing to death.

View OriginalReply0

TokenVelocity

· 9h ago

Wait a minute, now it's all about who can endure longer. With liquidity dried up, the narrative is gone, and it feels like the entire market is on holiday. This wave of double vacuum is truly extreme. Previously, there were still stories to tell, but now there's not even a story. However, watching the liquidation wave is a bit painful; some big players have directly exited.

View OriginalReply0

LostBetweenChains