The market has once again entered the 'who's left to take the bag' phase. Just like the BTC ETF hype back in 2023: - The BTC ETF just wrapped up a massive wave of redemptions. - Strategy has been selling BTC for four consecutive weeks. - Binance and Bybit saw a combined outflow of around $2.3 billion in stablecoins over the past month. Long-term holders have gradually surrendered, and short-term investors have mostly cut their losses. The on-chain profit supply ratio is once again approaching bear market lows. The problem is, the crypto market currently lacks a reasonable group of buyers. The last cycle had the BTC ETF bull run, and the one before that had a wave of inflation-hedging speculators. As for the current macro positives, in my opinion, they’re more about reducing reasons for the crypto market to drop further, rather than creating marginal buyers for crypto. This is probably the price we pay for the stagnation of the entire crypto industry’s narrative.