Who is really making money?

After some statistics, from Christmas 2024 to now, the entire market has been a sea of red.

Among mainstream coins, only $BNB (up 19.6%) and $ZEC (up 506.2%) have risen.

Most others have basically fallen, with the worst being $OP, which dropped 86.5%.

Even for long-term holders, if the timing of entry is wrong (for example, buying near the high around last Christmas), they can still get stuck. Even holding Bitcoin, if the wrong buying position is chosen, the result is still standing at the peak.

Long-term holders can sometimes lose money just as easily as short-term traders.

Coincidentally, CZ recently clarified the market fluctuations, stating that Binance did not participate in the so-called action of crashing Bitcoin to $24,000. He explained that the reason is that market liquidity is too low, and a large sell order can cause severe price fluctuations, while arbitrage traders will buy at low prices and sell at high prices in other trading pairs, thus restoring prices to normal.

This explanation sounds a bit like saying: whoever holds the most of a certain asset may influence the price 😂 This indirectly confirms that in an environment of insufficient liquidity, the market is indeed very fragile.

To summarize: the past year has been very difficult for most holders, and CZ's clarification also reveals the current situation of insufficient market depth, which is easily affected by large trades. In such an environment, whether for long or short positions, judgments regarding timing, liquidity, and the fundamentals of projects become particularly important.