Recently, a wave of market fluctuations has been repeatedly pulling back, with Bitcoin oscillating between high and low levels. Market participants' nerves seem to have become completely numb. From Bitcoin's all-time high to now, it's been only three months in total, but many investors have already felt that piercing "deep winter."

This psychological collapse is far more than just watching account assets shrink. The real heartbreak is the loss of confidence—looking around, stocks are rising, indices are hitting new highs, precious metals are soaring wildly, and traditional financial markets are thriving. But what about crypto assets? Surprisingly, they have fallen behind.

Such a huge gap has caused many players to vote with their feet. Bearish outlooks, cutting losses, liquidating positions—massive capital is flowing out of the market, and the crypto space is experiencing an unprecedented survival crisis.

Interestingly, the market cap of stablecoins has quietly risen to around $300 billion. According to past patterns, such a large reserve of off-market funds usually signals an imminent big rally. But reality has given a loud slap—cryptocurrency markets haven't ushered in a collective celebration; instead, they've fallen into a "purgatory mode." Trading activity is cold and biting, and watching and conservative defense have become the main themes at the end of the year.

Just look at the performance of the entire crypto market this year. Bitcoin and Ethereum hit new all-time highs, but they couldn't hold their ground and quickly fell. The altcoin market is even worse—new coins often can't escape the spiral decline after issuance, and liquidity exhaustion is no longer news. In this bloody slaughterhouse of a market, both veteran investors and new retail traders have been unable to escape unscathed.