10x Research: Narrative liquidity allows traders to maintain high positions near market peaks, with key focus on fund flow indicators According to a report by Golden Finance, 10x Research published an article on X platform stating that liquidity is once again shifting, while most Bitcoin and altcoin traders are focusing on the wrong indicators. Many commentators claim that as long as they hold altcoins for a long time, they can ultimately achieve excess wealth, and they often believe that there is no need for much analysis and understanding of the fundamentals. These eye-catching narratives can easily resonate with retail investors, prompting them to maintain full positions even when the market environment deteriorates. When the liquidity cycle finally turns, it is often these investors who still hold positions at the wrong stage of the cycle. Although the concept of "liquidity" is frequently discussed, a large number of comments only refer to abstract and hypothetical liquidity, which is almost unrelated to the actual funds flowing into the cryptocurrency market. The difference between perceived liquidity and measurable capital inflows is crucial. In the recent and previous cycles, relying on narrative driven liquidity concepts has allowed many traders to maintain high positions near market peaks; On the contrary, monitoring the true flow of funds could have sent a signal to reduce holdings. In fact, it is the latter - liquidity indicators such as fund flow - that truly play a decisive role. However, many traders overlook these indicators, leading to fund mismatches during changes in liquidity patterns.