Market has been in quite a weird stage for a while. There's barely any onchain liquidity and yet there actually is. It's just super concentrated and not diversified. I'm not talking about ETF volume or institutions bidding Bitcoin and/or Ethereum. I'm talking RETAIL. $HYPE - $SUI - $MNT - $TAO - $ASTER - ... Yes, I'm just nitpicking examples here but they are nonetheless there. Most of them have close to a BILLION dollar in DAILY trading volume. The $MEGA sale? Closing in to a billion dollar worth of deposits soon as well. And this isn't even trading volume... Every few seconds another million comes in like it's nothing. And again this isn't ETF volume or institutions buying. It's retail (both the big and the little guy). Is the future of the industry poised to stay like this? Where volume and liquidity is actually here in big amounts but most people don't even notice it because it's to concentrated? I think the market at some point will change its current dynamics. Don't underestimate current volume and liquidity. It's large BUT it's from participants that are already in here. Capital that's already inside "this system". Capital that's flowing around. But in other days when crypto becomes more attractive again (less focus on the bad from the outside and more focus on the good) we'll see others again as well.