According to CoinGlass historical trading data, although several institutions remain bullish on BTC, liquidity has not yet recovered. Therefore, the anticipated rebound will require more time. Looking at the specific data, trading volume surged abruptly in early February, but remained noticeably flat for the rest of the month. During the same period, BTC’s price dropped from $82,000 to approximately $65,000, a decline of about 20%. We believe the anomaly in early February was driven by intensified selling from both short-term traders and institutions amid a concurrent downturn in U.S. equities. However, a positive signal emerged in early March: compared to the sluggish volume in the latter part of February, trading volume began gradually increasing—potentially indicating a stabilization in price. This is for informational purposes only and does not constitute investment advice.