Recently, the gains in Bitcoin and Ethereum have indeed been significant, but there is a glaring issue behind this: the enthusiasm for spot market participation has not kept up.

The data is in front of us—trading volume has fallen to its lowest level in nearly a year, and this serious divergence is enough to sound the alarm. Prices are rising sharply, but participation is shrinking; logically, this doesn't add up.

Simply put, this round of increase is mainly driven by contract longs artificially supporting the market. As long as trading volume cannot be effectively expanded and spot participation remains sluggish, this situation will be hard to sustain. Once this support weakens, the decline often accelerates faster than the rise. So, what appears to be a bullish trend is actually fraught with risks.