[Analyst: This bull market is driven by long-term spot investors, and if it starts to decline, the market will quickly turn bearish] BlockBeats News, October 20, crypto analyst Willy Woo stated in a post that the liquidity driving the peak of the previous bull market mainly came from 'weak hands' in the derivatives market. 'Weak hands' are essentially short-term speculative tools—people are willing to enter the market to gamble but are not committed to staying long-term. This cycle is showing a different trend. Liquidity from 'weak hands' has begun to fade, while long-term spot liquidity remains stable for now. However, this does not signal a bullish 'supercycle.' Once the spot liquidity from long-term investors starts to decline, the market will quickly shift to a bearish stance.