🧊 Freezing in the market: no one is buying, no one is selling

Spot trading is in a state of suspended animation. 📉 According to CryptoQuant, spot volumes have fallen to a minimum since October 2020. Coins are not only not being sold — they are not even moving on-chain.

In essence:

• Selling — everyone who wanted to sell has already sold;

• Buying — either there’s nothing to buy, or it’s scary;

• There are no newcomers — there’s nothing to infect, no FOMO.

🐻 A popular bearish thought is circulating that “the remaining ones are exit liquidity for the whales.”

The idea is that the big players will dump on us.

🤔 But think about it: “What liquidity is there if no one is buying?”

The current situation is radically different from 2022–2023.

Back then, there was a frenzy, now — fear and paralysis.

📌 In my opinion, it’s all obvious:

This is not an exit for the whales, everyone is just frozen. And as soon as the market gives a 2–3X, that’s when it will become clear: is it a reversal or a ballast drop.

🙄 Meanwhile — silence before something bigger.