Explain why I maintain a relatively pessimistic view on the upcoming market:

1. The market's liquidity has plummeted significantly since May 24.

2. The main players in BTC have been gradually offloading their holdings since May 22, with 85% sold so far.

3. The long-short ratio in the market has skyrocketed since May 31, indicating that an increasing number of people are bullish, leading to greater resistance.

4. PUMP is about to issue tokens, with an FDV of 4 billion USD; this project could drain the last bit of liquidity from the crypto space.

5. The main ETH futures contracts have been completely liquidated at 2700, but many institutions have been increasing their ETH spot holdings, resulting in an unusually strong market; there is fear that BTC might drag ETH down later.

6. Recently, some altcoins like DEGO have offloaded their positions early, as liquidity is still relatively good now, but it’s uncertain moving forward; if you’re making a profit, it’s better to exit early.

We analyze the market based on capital data and try to minimize subjective opinions.