I record the capital flow data of BTC every morning, noon, and night, along with contracts. Even though I don’t trade contracts myself, over the past half month, I’ve noticed that BTC whales are constantly cycling liquidity back and forth through contracts. When there’s no one left, they push the price down further by dumping spot. Looks like they’ll keep dumping while triggering rebounds. It’ll take at least 3-6 months for liquidity to recover. Looking back at 5/19, it seems like BTC might not improve until around April-May next year. The willingness to trade altcoins on exchanges is super low. Hopefully, things on-chain will get a little better over the next six months.