The landlord's life may also become increasingly difficult ..... There is a data that can indirectly reflect the current market activity - 'BTC's traffic potential on exchanges'; It identifies macro trend changes in exchange trading volume by comparing the monthly average (red line) and annual average (green line) of BTC inflows and outflows from the exchange. After all, BTC represents the highest level of capital participation, and if BTC is also not good, then other ALT's need not be considered. When the monthly line is above the annual line, the exchange is bustling and players are actively active; On the contrary, it becomes deserted and the market sentiment is low. So, we see that during periods when the monthly line is below the annual line, BTC prices often perform poorly (as shown in Figure 1). (Figure 1) The business of the exchange does not rely on the rise of BTC to make money, but on the amount of traffic or market activity to make money. Even the most perfectly designed product and experience, without market heat, is equivalent to cutting off its lifeline. In April, July, and September of the 25th year, there were three times when the monthly line almost fell below the annual line, but in the end, they all reversed, and this time it didn't. This indicates that the market has indeed undergone some different changes. So, the flow potential of BTC exchange is also the most authentic emotional feedback of all participants in the current market (retail investors, whales, institutions) - bear market sentiment. However, 'bear market sentiment' does not mean that there is no market trend at all .. In June 2021, the market was impacted by the 5.19 incident and completed a round of panic trading and leverage clearance (as shown in Figure 2). At the same time, there was also a period where the monthly line was lower than the annual line, but then there was a strong rebound. (Figure 2) In terms of form, it is somewhat similar to the present, but the chip structure, on exchange purchasing power, and capital flow at that time were significantly different from now, so we cannot simply carve a boat. However, in any case, before the market activity fully changes, we can only treat any price rebound as a 'rebound'. Although BTC still has the possibility of hitting 100000+, it is clear that "time" is not on the side of "bulls", and the longer it drags on, the more wavering investors will lose patience. Meanwhile, if the traffic momentum remains sluggish for a long time, besides the strong foundation of top platforms such as Binance, OKX, and Coinbase, it will inevitably be a severe survival test for other platforms, institutions, and project parties! And often at that time, it is easy to trigger unexpected black swan events. The above is only for learning exchange and not for investment advice! ---------------------------------------------- This article is sponsored by @ Bitget | Bitget VIP， Lower rates and more generous benefits