Looking at the K-line on the screen, I really don't know what to feel inside. In the past 24 hours, Bitcoin has fallen another 2.6%, with the price fluctuating around $63,300. Opening the market chart, my first impression is—quiet, too quiet.

What about trading volume? What about funds? Where have they all gone?

The 24-hour high reached 66,400, and the low touched 62,800. The fluctuations up and down are not small, but if you look closely at the trading volume, it’s like squeezing toothpaste—completely lacking that “dry wood and fierce fire” feeling. The MA7, MA25, and MA99 moving averages are all pressing down from above, like three mountains. The DIF and DEA are also lying below the zero axis, and the small red bars on MACD look powerless.

What kind of “market” is this? It’s simply a “no-man’s land.”

Looking at the funds again, it’s even more disheartening. Net outflows never stop; whenever there’s a slight buy-in, it’s immediately suppressed by sell orders popping up from nowhere. Everyone is talking about “dumping the market,” but the problem is, with such low volume, as soon as someone tries to sell, the price drops. This isn’t dumping; it’s that no one is willing to take the other side.

Isn’t it true that institutions have been buying? That Strategy thing, buying 592 BTC for the 100th time. Sounds encouraging, right? But in a market with hundreds of billions of dollars in trading volume, it’s like a splash of water. Institutional confidence is confidence, but it can’t stand the fact that everyone is afraid to move.

Looking at the chart, MACD is heading down, RSI is heading down, all technical indicators are shouting “be careful.” Bullish or bearish signals? There’s no “bull” at all now, only “bear” hesitating and dragging on.

In the past 24 hours, the trading volume is just over 20,000 BTC, with a turnover of 1.8 billion USD. For Bitcoin’s size, what can this amount of money do? It’s like pouring a glass of water into a swimming pool—you can’t feel the water level rising.

Sometimes I really want to ask: what’s going on with this market? Have everyone already left?

The macro environment is uncertain, there’s some selling pressure on-chain, old money dares not to enter, new money is afraid of being trapped. The remaining are just us old chives, staring at the screen, watching those few lines fluctuate up and down, hoping for some volatility to sip some soup. But what’s the result? No soup, and the pot is almost taken away.

It’s not that Bitcoin is no good; in the long run, institutions are increasing their holdings, macro bottom indicators, and these big logics are still there. But this current market looks like a dead pool—you don’t know what’s hidden beneath, nor when it will come back to life.

The market now isn’t lacking stories or faith; it’s lacking fresh water, living people.

A market without volume is just a “ghost market.” Prices can be pushed up easily, or slide down without resistance. In this kind of market, both longs and shorts feel uncomfortable because you don’t know where the other side is, nor whether the next price is real or fake.

So, it’s not that no one is playing; it’s that everyone is afraid to play.

Everyone is waiting—for a piece of news to break the deadlock, for funds that bring volume, for a wave to make this dead water flow again.

Before that, all we can do is watch the screen and sigh: this market, damn, it’s really boring.