I've read quite a few discussions about market size and I truly feel deeply about it. Let's review: from 2013 to 2021, during that wave, the crypto market cap grew from 100 billion to 3 trillion, with an acceleration far ahead of any traditional risk assets. But now, in 2026, the market cap is still stuck at 3 trillion, while the US stock market and precious metals have grown by 50 trillion over these four years. In comparison, the crypto market size is simply negligible.

Even more outrageous is the trading volume performance. After four months of consolidation and decline, the overall trading volume has returned to the levels seen during the Trump tariffs trade in 2025. At that time, US stocks and risk assets generally plummeted, combined with the chain reaction after the bubble burst in April 2025, almost all markets experienced a bloodbath. But the crash at the end of 2025 was completely different—only the crypto market was crashing wildly, with no significant macroeconomic negative news; the only visible factor was a wave of bankruptcies among some leveraged market makers.

Now, whether it's Bitcoin or altcoins, the remaining bullish liquidity has been basically cleaned out. Altcoins outside the top 30 by market cap have hit 10-year lows, returning directly to 2018 levels. It looks like a scene of complete silence.

But here’s the contradiction: is there really no liquidity in the market? How did gold rise 100%? How did silver jump 50% in a month? This indicates that liquidity hasn't really disappeared; it's just moving elsewhere.

Every cycle is like this—those who truly make money are never the ones chasing highs, but the players who can grit their teeth and hold on until the last moment. This time is no different.