User trading volume continues to decline.

Barring any surprises, we are likely to see trading volume below 6B in December.

This means data will fully revert to levels seen in April 2025.

Combined with the macro environment about to end QT,

this structural bear market has entered its mid-stage.

In the next 1-2 months, the prices of quality altcoins will be very tempting.

However, most retail investors have already been wiped out.