Liquidity in the crypto market has hit a freezing point; how should we view the market going forward?

The issuance of stablecoins has stagnated, and trading volume continues to decline.
Speculative funds in the Meme sector are rapidly withdrawing, resulting in significant losses for community users who have chosen to stop trading.
Even mainstream coins like BTC, ETH, and SOL have not been able to serve as safe havens, with prices falling in sync.
This means that the market is entering a stage of "capital wait-and-see + emotional freezing point."

In the short term, the downward trend has not yet ended, and further liquidation and selling pressure are expected. The Meme sector may remain dormant for a long time, with most projects losing liquidity.
In the medium term, if BTC can hold key support, there is a chance for a rebound; however, to truly restore market sentiment, new capital inflows and narratives are needed.
In the long term, BTC remains the pricing anchor, ETH possesses institutional and ecological value, and public chains like SOL still have recovery potential as long as they can maintain ecological development; while Memes will only become extremely polarized, with the leaders possibly surviving, while most will gradually disappear.
My strategy: Focus on defense at this stage, reduce high-risk speculative positions, and patiently wait for signals of capital inflow (stablecoin issuance, ETF accumulation, increase in on-chain activity).
For long-term investors, it may be wise to consider gradually accumulating BTC and ETH, rather than chasing short-term trends.