On the surface, the crypto market appears to be in panic, retail investors have long since fled, and sentiment is at its worst. But this narrative is actually a smokescreen—real players are taking action behind the scenes.

A few signals make this clear: the liquidity of stablecoins has accumulated to a record high, with a scale of over $310B, like a spring coiled and ready to release. Once this "gunpowder" is ignited, the market will soar directly. Whales are clearly betting on this point—the more the market is dead, the more they are frantically accumulating at low levels. As long as market sentiment slightly improves, this accumulation will turn into real buying power. When retail investors are terrified, large funds are already deploying at the lows.