Liquidity hasn't disappeared,

it has just turned into something colder.
No storytelling, no faith,
just models, win rates, slippage, and execution.
The money is still there, but the people are gone.
So you'll see a very fragmented state:
the surface appears calm,
but underneath, a set of machines is operating at high speed.
They don't need emotions,
they don't even need you.
If a bull market is "more people, more power,"
then now it’s more like:
people have stepped back, and the system has taken over.
And the next real trend,
most likely won't start with "everyone understands,"
but quietly begins when
no one believes, no one discusses,
and even no one is willing to open the candlestick charts anymore.