Data: The supply and demand imbalance of Bitcoin and Ethereum has intensified again, and market liquidity has stagnated

According to on-chain data, the current market situation is reminiscent of when Bitcoin broke through $100,000. Buying liquidity is drying up, and the existing liquidity is only circulating within the market rather than expanding; in short, liquidity is stagnant. Without new capital injection, the supply-demand imbalance issue cannot be resolved.

Historical data shows that this imbalance usually can only be corrected through a price decline. This was the case when Bitcoin was above $100,000, and the same pattern is re-emerging now.

Analysis indicates that if new liquidity fails to enter the market, it may face long-term consolidation or a short-term rebound. However, such a rebound would be meaningless and could ultimately lead to further declines. This reflects a structural issue in the cryptocurrency market, where prices struggle to maintain high levels without new capital driving them.