The homework on Saturday was indeed very simple, and there isn't much to say. Liquidity has entered a dog-like low, and most investors are not participating in the turnover. From the trading volume, it has reached the lowest point in the past two years. Therefore, it really doesn't matter whether we are in a bear market or a bull market right now. I just looked at the traffic, and even during the two periods of garbage time in 2023 and 2024, the trading volume was significantly higher than in the past week.

The continuous decline in trading volume indicates that investor sentiment is very poor. Not only are they unwilling to buy, but they also have no interest in selling. However, I just checked the data on Bitcoin's open contracts across all exchanges, and I can see that there are signs of an increase in open contracts, indicating that some investors have started to enter a speculative state.

But from the overall data, most investors are still in a wait-and-see mode. The question we've been discussing for the past month is: what position is the market currently in? If it rises, is it a rebound or a reversal? If it falls, is it a short-term drop or will there be pessimistic expectations?

This answer may gradually be revealed starting in April.

Looking back at the data for #Bitcoin itself, the turnover in the last 24 hours is already similar to that of the bear market in 2023, with only about 20,000 BTC traded in a day. One can imagine the sentiment of investors; Sunday is likely to be similar, allowing everyone to take a break until next week, when the difficulty will significantly increase starting in April.

With such a small turnover, the pressure on prices is naturally very low, maintaining a very solid range between $93,000 and $98,000.

The data has been updated, address: https://docs.google.com/spreadsheets/d/1E9awSVwrVOxKOiaMdYT5YZvfveeFd9ENU-iO6dVcGj0/edit?usp=sharing

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