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

BlockBeats News, on October 20, crypto analyst Willy Woo stated that the liquidity driving the previous bull market peak mainly came from the "paper hands" derivatives market. "Paper hands" are essentially short-term speculative tools—people are willing to enter the market to gamble, but will not stay for the long term.

This cycle is showing a different trend. "Paper hands" liquidity has already started to fade, while long-term spot liquidity remains stable for now. However, this does not signal a bullish "supercycle." Once long-term investors' spot liquidity begins to decline, the market will quickly turn bearish.