The Q4 Liquidity Crisis: Is the Post-Halving Bull Run Already Dead?

Recent performance data paints a brutally stark picture of the current market breadth, challenging the historically bullish post-halving narrative. Over the past 90 days, an overwhelming majority of the Top 100 cryptocurrencies have registered negative returns.

The data is alarming: only nine tokens within the Top 100 list have managed to secure a positive performance over this three-month period. This extreme concentration of capital into fewer than 10 tokens strongly suggests a severe and ongoing liquidity crisis.

Historically, the fourth quarter following a Bitcoin halving event is expected to exhibit strong market-wide exuberance and expansion. However, the current setup—where over 90% of the market is in deep correction—indicates a significant deviation from previous cycle dynamics. This divergence points to a highly selective environment where only assets with exceptional relative strength, such as $ASTER and $ZEC , are attracting capital. This market condition favors highly disciplined traders and signals that a broader recovery is unlikely until liquidity inflows return en masse.