The situation continues to deteriorate, and market liquidity has yet to recover. Buying liquidity, which had already weakened, is becoming even weaker. On top of that, with OTC liquidity flowing through BlackRock(IBIT) and Strategy (MSTR) also fading, the OTC market itself now appears to be drying up. This is also clearly reflected in the behavior of market makers, one of the most important participants in the market. Since the beginning of this year, selling pressure has consistently outweighed buying pressure, and that trend has become increasingly evident over time. If the current market were truly a period of opportunity, I would expect liquidity to gradually recover and trend higher similar to the consolidation phase during the 2024 bull market (orange line). Instead, we are seeing the exact opposite. Liquidity is not recovering; it continues to trend lower (red line).(mignolet)