2026-01-06 07:28:17

2026 Opening, the crypto market has been rising all the way, but is this rally really that solid?

According to on-chain data analysis, the situation might be more dangerous than it appears on the surface. Although Bitcoin’s price is soaring upward, spot trading volume has hit a two-year low—an textbook example of “rising prices, shrinking volume.”

What does this really mean? To put it simply, market enthusiasm is actually superficial. What should a normal bull market look like? Prices rise while trading volume also expands, indicating continuous new money entering the market. But now? Prices are being pushed up with little new trading activity. Think about it—using less capital to drive prices higher, and conversely, just a little selling pressure could cause prices to plummet.

What is spot trading volume? It’s the buying and selling activity involving real funds on exchanges. This is the most direct indicator of whether the market is truly active. According to data, the total spot trading volume of Bitcoin and mainstream coins has fallen to the lowest point since November 2023, clearly showing a decline in market participation.

There’s an even more sobering background: last October’s massive liquidation wiped out $19 billion of high-leverage positions in just a few hours. Although the market seemed to recover for a while, liquidity on centralized exchanges has not fully rebounded, and the order book depth remains below pre-crash levels. This means the market’s resilience is still fragile.

So, behind the superficial rally lies a weak foundation—insufficient liquidity, declining participation, and ongoing risks. To fully survive this wave of market movement, you need to stay extra vigilant.

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GmGmNoGn

· 01-08 21:58

Price rises but volume shrinks, I've seen this trick before. It was exactly like this last time that it exploded, and now it's happening again? Really fake hype, no one is entering the market but they're still bragging, causing panic. Liquidity is so poor yet they dare to go all in, how big must their heart be? I remember clearly the day when 19 billion was liquidated. Now that liquidity hasn't recovered, the price is starting to rise. No matter how you think about it, something's off. This is a false rally. Once selling pressure appears, it will crash. I've seen this coming a long time ago.

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UnluckyLemur

· 01-06 07:58

Price rises but volume shrinks, I’m too familiar with this trick, it’s always the same routine to cut the leeks... Wait, liquidity hasn't recovered yet? Then who is buying in this wave... Honestly, I’m a bit scared now, it feels like the big players are just hyping themselves up, retail investors are being fooled The shadow of 19 billion in liquidations is still there, how could it possibly rebound so quickly Watching the price go up but feeling anxious inside, that’s the most uncomfortable part

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PuzzledScholar

· 01-06 07:54

The price rises but the volume shrinks—I've seen this too many times... Every time, it's the same story, then suddenly a surge. Who knows what's really going on? Wait, $19 billion in liquidation has already recovered? The liquidity is way too fragile, no wonder it feels easier to crash recently. It's the same old story of a虚的bull market... The words are correct, but I still put some in anyway, since it's all a loss either way. A little selling pressure and it crashes? Ha, I'm just afraid that when there's no selling pressure, that's when it's truly terrifying. The fact that spot volume is hitting new lows is really something to be cautious about. This time, it's not about fearing a drop, but about the drop happening just because it can.

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MEVEye

· 01-06 07:47

Price rises, volume shrinks, I know this trick too well, it's just the market maker absorbing buy orders Wait, liquidity hasn't recovered yet? The order book depth is so shallow... if they dump, it could collapse instantly The shadow of $19 billion in liquidations hasn't disappeared yet, do you dare to go all in? Honestly, it feels good to see the price go up, but once these numbers are out, it starts to feel a bit fake The so-called bull market on the surface is actually a fake fall, and the most frightening thing is the declining participation rate

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GateUser-cff9c776

· 01-06 07:47

Price rises but volume shrinks, I tell you this is Schrödinger's bull market—rising while feeling guilty, a classic bubble period art piece [Dog Head] --- Liquidity is so weak but still dares to push higher, the order book depth hasn't recovered yet and they're already showing off muscles, it's outrageous --- The shadow of 19 billion in high leverage liquidations hasn't dispersed yet, are we going to see it play out again? I choose to watch quietly --- Basically, institutions are pushing the market with small amounts of capital, retail investors are FOMOing, and the logic of buying and selling has collapsed --- According to the supply and demand curve, when spot volume hits a new low, that's a red flag, but some still go all in, really daring [Laugh] --- Did everyone forget the lesson from last October's liquidation so quickly? I think this market is set to "break at the first poke" --- The floor price is rising but nobody is actually placing buy orders, isn't this the most perfect risk warning?

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StakoorNeverSleeps

· 01-06 07:30

Price rises, volume shrinks—it's really incredible, this is just virtual fat, one poke and it breaks. Wait, with such poor liquidity, still dare to go all-in? I think someone is going to get cut. 190 billion in liquidations can't even be processed, and the exchange order book is still so shallow... feels even more fragile than last year. Where's the new money? Where did the new money go? Probably all on the sidelines. Don't be fooled by the K-line, this rally is very dangerous, a wave of selling pressure could just smash through. Spot volume is at its lowest since November 2023... this data says it all, brother. I think this market cycle is mainly driven by the big players accumulating, the true participation hasn't picked up yet.

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