2026-01-06 14:25:04

The recent market activity period has come to an end, and the first full trading day afterward shows some noteworthy changes.

Compared to the last trading day of the activity (January 3rd), several key indicators have retraced:
- On-chain trading user count decreased by 38.2%
- Number of trades dropped by 52.6% month-over-month
- Trading fee contribution declined by 31.1%

These declines may seem significant, but the story behind them is more nuanced. Looking closely at the holdings, the changes are actually quite stable, with funds maintaining healthy levels, staying around $115 million. This detail is quite interesting — after the large incentive-driven momentum wanes, the remaining trading depth and user stickiness actually tell a more accurate story. From this perspective, the underlying capital situation remains solid, and the core active user base continues to participate steadily.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

12 Likes

Reward
12
7
Repost
Share

Comment

0/400

GlueGuy

· 01-09 14:22

The fact that so many people ran away immediately after the incentives were withdrawn shows that the previous hype was all fake. --- But the stability of the holdings is somewhat interesting; real money hasn't moved. --- A 38% drop looks scary, but core users are still here, and that's enough. --- It's the same old rhetoric... Let's wait and see if the data continues to bottom out. --- Claiming that the funds are stable sounds good, but I'm more concerned about when it will rebound. --- Hmm, the false prosperity has come to an end; now the true test begins. --- Is a $115 million holding enough to support the subsequent market? It's a bit uncertain. --- The hype maintained by incentives is inherently unreliable; as long as true believers remain, that's enough.

View OriginalReply0

GasFeeNightmare

· 01-09 13:24

Hmm... Incentives are withdrawn and 38% of users drop out. Isn't that a bit unreasonable? A significant decline? Without incentives, no one plays. Is that true? Maintaining a position of 115 million is a highlight, but what does this number indicate? When incentives are withdrawn, people leave. It seems there aren't that many true believers after all. Solid funding? It looks more like vanity to me. Strong user stickiness? Then why does the user base drop so much once incentives are withdrawn? The holdings remain the same, but half of the users leave. I find this logic hard to accept. Wait, is it only the big players who stayed? Did the retail investors all run away?

View OriginalReply0

TheShibaWhisperer

· 01-06 14:46

The loss of followers dropped by 38% right after the first incentive event ended. The data looks uncomfortable... But brother, you're right, true believers are still here. --- Damn, the number of transactions dropped by 52%? That's the reality, brother. When hot topics cool down, everyone runs away. --- Holding steady at 115 million is outrageous. I really don't know who is still holding on... --- I buy into this set of analytical logic. Frankly, active user engagement is the real gold and silver. --- Haha, once the incentives are gone, the true nature is revealed. This is how the market is. --- Wait, the fees dropped by 31% but the holdings didn't move much? Is this deep or dead water? --- How important is a solid fundamental? Looks like the project team might not be that虚. --- Oh my god, user numbers have been cut in half by 38%. I just want to know if the remaining users are true fans or just trapped. --- Solid funding? Come on, with most incentives withdrawn, who would stay? --- That's why I don't trust projects that only rely on activities to attract users. True loyal fans are the real moat.

View OriginalReply0

BrokeBeans

· 01-06 14:43

Down 38%? Sounds pretty scary, but the holdings are still steady at 115 million... That's crazy, once the incentives are pulled, people run away, which means nothing has really settled down. Real players, on the other hand, haven't moved, and that's the key detail. The hype of the pump has faded, and what's left is genuine gold and silver. How to put it... feels a bit comfortable.

View OriginalReply0

0xSoulless

· 01-06 14:42

Once the event ended, half of the retail investors dispersed. The data looks intimidating but it's not really anything new... The key point is that the big funds haven't left; the $115 million is still firmly held, indicating that the real players with the chips are not panicking.

View OriginalReply0

SingleForYears

· 01-06 14:32

Oh no, looking at this data, it’s obvious that the incentive activity has ended, and most users have left. Wait, no change in holdings? That means the true believers are still here, not the ones who sold in a panic. A drop of a few dozen points looks scary, but actually it’s just the fire burning out; the foundation is still solid. This kind of trend actually makes it easier to see who is truly committed with real money, which is kind of interesting. With such stable capital flow, it feels more reliable than during the activity period with all those retail investors, haha. Once the core users have settled in, the next wave will be the real opportunity.

View OriginalReply0

DegenMcsleepless

· 01-06 14:31

An incentive caused 38% of users to run away immediately, this data looks a bit uncomfortable... --- Position holdings haven't moved, indicating that real users are still here, but this kind of "big players leaving retail investors behind" situation is a bit delicate. --- Wait, trading fees dropped by 31% but holdings remain stable? What does this mean, is everyone just lying around in cold wallets haha? --- Good stickiness is great, but I'm worried it's just people unwilling to move because they're trapped. --- Solid capital situation? Bullshit, this is just incentives being squeezed out; real demand isn't that high at all. --- Holding $115 million USD is actually pretty good, at least there was no panic dumping. --- Core active users? Are you talking about those who made money? Others have long become spectators. --- Such a large decline but still talking about fundamentals... forget it. --- Interestingly, trading volume dropped by 52% but fees only fell by 31%, and the average transaction size actually increased? --- By the way, did this round of activity actually make money, or did we get trapped again?

View OriginalReply0