Jinse Finance reported that Cryptoquant analyst Axel Adler Jr released a market analysis stating that after the market reached its last all-time high (ATH), on-chain trading volume showed a relatively high trend of $62 billion, while the spot plus futures trading volume on centralized exchanges (CEX) was only $41 billion. This situation is extremely rare in the market. In addition, there is currently a negative divergence in trading volume: prices are rising, but trading volume is declining, which essentially reflects thin liquidity.