The biggest issue in the market right now isn’t that prices aren’t rising, but that the rise lacks quality. After a major market drop, $BTC prices are recovering and climbing, but trading volume is declining, with no narrative. There are also no short-term hot topics to hype. Most altcoins are only passively pulled up because of $BTC and $ETH rebounds, with no sustainability at all. What does this tell us? It shows that funds haven’t truly flowed back into the market but are just engaging in a zero-sum game within the existing pool. Some people see this as the late stage of a bear market? But the more realistic scenario is that this might just be a rebound amplified by emotions. If the macro environment doesn’t improve and liquidity can’t truly be released, the market could very likely enter a period of prolonged consolidation and decline, with slow downward drifts and an extended "trash time" longer than most people expect. We all believe there will still be bull markets in the future, but how high you go in the bull market depends on your capital during the bear market and what you buy at the right time. So for long-term strategies, waiting is still the best move right now.