According to Coinglass data, the daily trading volume peaks in the cryptocurrency market in March 2024 and November 2024 are around $600 billion, which is comparable to the levels seen at the peak of the bull market in November 2021. This means that over the past four years, the market's maximum purchasing power has not increased. A market trapped in a long-term incremental dilemma typically indicates that the phase of large-scale capital inflow has ended (the demographic welfare period has passed).

Of course, mature markets are not without speculative opportunities, just as in the U.S. stock market, where speculative targets like GME and AMC can emerge when tech giants lead the way. Therefore, as BTC, ETH, SOL, XRP, and others enter a slow bullish phase, the speculation around themes like MEME and AI will continue. But it is certain that structural trends will become the long-term main theme of the market. $BTC