Recently, anyone watching the market should have felt it: market activity has significantly decreased, orders sit idle for half a day with no movement, and the candlestick charts are almost like mirrors. Many people are beginning to suspect that something is wrong with the market, but the answer is much simpler — European and American traders are on holiday collectively.

Looking at key data, over 60% of global crypto market trading volume comes from Europe, America, and Oceania. Traders in these regions have been gradually going offline since the week before Christmas, taking a break that lasts nearly half a month. Compared to the domestic holiday schedule of just a few days, the timing mismatch is very obvious. Without the participation of these main funds, market liquidity naturally shrinks significantly.

The specific manifestations are very straightforward: order book depth becomes thinner, even slightly larger buy or sell orders can cause sharp price fluctuations; the bid-ask spread widens, increasing the costs of entering and exiting positions; some smaller-volume tokens even see no transactions for half a day. This is not an issue with a particular token, but a reflection of the entire market’s "unattended" state.

In this situation, most traders need to adjust their strategies. Either choose to synchronize with the overseas market, reduce operations, stay observant, and wait for liquidity to return to normal levels; or strictly control positions, try small amounts for testing. Do not expect to hold large positions for swing trading in a market with dried-up liquidity, because without enough counterparties, once you’re caught, no one will give you a chance to get out.