The current cryptocurrency market is exhibiting a subtle state of balance. Market sentiment does not seem to have reached the frenzied level of fear of missing out (FOMO) ( FOMO ), which makes it difficult for certain market manipulators to trap investors.

Observing the market dynamics, we can find an interesting phenomenon: investors who plan to exit the market may have quietly left, while hesitant investors are still watching, fearful of entering the market rashly. In this situation, one can't help but ponder: where is the liquidity in the market flowing? Who is buying, and who is selling?

For true investors holding encryption assets, this is a topic worth exploring in depth. However, my observation is that most market participants may not actually hold cryptocurrencies or have chosen to exit after making a profit.

This market condition raises a key question: where is the profit margin for market manipulators in the absence of a clear peak phase? Typically, a bull market cycle is often accompanied by a significant peak phase. Ending a bull market hastily without this phase seems contrary to the general rules of market operation.

This unusual phenomenon deserves our further attention and analysis. It may indicate that the market is undergoing some structural changes, or suggest that traditional market cycle theories may need to be re-evaluated. In any case, it is still crucial to remain vigilant and conduct rational analysis when making any investment decisions.