Concentrated unlocking, lack of market liquidity, and retail investors trapped in the overall retracement.

As of June this year, 120 of the 138 tokens tracked by TokenUnlocks have completed token unlocking, with a total value of more than 58 billion US dollars. Among them, AVAX DYDX PYTH, the star projects that Asia and the West pay more attention to, have completed unlocking in May this year.

According to the 90 non-stable coins tracked by data research company CCData, only 12 of them have achieved positive returns, and the rest are basically in a negative profit state. After Bitcoin hit a record high on March 14 this year, 61 of the top 100 tokens have fallen by more than 25%. Some people believe that the collective decline of cottages is related to the decline of Ethereum and SOL. Under the downward trend of the leading cottages, many cottage tokens will be sold at a faster rate.

Overall, unlocking has exacerbated the decline of cottages, and the lack of liquidity in the market has caused no one to take over and pay. Among the traders who were still active in the market last year, many of them had their funds trapped by the short-term rise during the period. In fact, it can be said that compared with last year's bear market, after experiencing the Bitcoin ETF, the original liquidity of the market may be much worse than last year, because many people have been trapped in the copycat tokens.

So in the end, to activate the market, it seems that the only way is not a strong narrative, but the global economic environment to provide incremental "water source"

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