Analyst: This bull market is driven by long-term spot investors; if their activity starts to decline, the market will quickly turn bearish.

Jinse Finance reported that crypto analyst Willy Woo stated that the liquidity driving the previous bull market peak mainly came from "paper hand" derivatives markets. "Paper hands" are essentially short-term speculative tools—people are willing to enter for a gamble, but will not stay for the long term. This cycle is showing a different trend. "Paper hand" liquidity has already started to fade, while long-term spot liquidity remains stable for now. However, this does not signal a bullish supercycle. Once the spot liquidity of long-term investors begins to decline, the market will quickly turn bearish.