Data: The supply-demand imbalance between Bitcoin and Ethereum has worsened again, and market liquidity has stagnated.

According to Mars Finance, on-chain data indicates that the current market situation is strikingly similar to when Bitcoin broke through $100,000. Buying liquidity is drying up, and existing liquidity is merely circulating within the market rather than expanding; in short, liquidity has stagnated. Without new capital injection, the supply-demand imbalance cannot be resolved. Historical data shows that this imbalance can usually only be corrected by a price decline. This was the case when Bitcoin was above $100,000, and the same pattern is emerging again. Analysts point out that if new liquidity fails to enter the market, the market may face prolonged consolidation or a short-term rebound. However, such rebounds will be meaningless and may ultimately lead to further declines. This reflects the structural problem in the cryptocurrency market where prices struggle to maintain high levels without new capital inflows.