#BTC# When the daily active users of Bitcoin are reduced to just a few "familiar faces" in the exchange, its price is like a basement with only one candle left - it goes out with the slightest breeze. Now, the on-chain active addresses have fallen back to the levels of the 2018 bear market, with the number of global holders being less than one percent of the stock market. Liquidity is monopolized by a few whales and market makers; with just a simultaneous yawn, the order book can be dumped into a deep pit of 10%. Without new funds to catch the falling knife, every "pump" only accumulates momentum for the next round of more severe dumping. Don’t forget, Bitcoin has no cash flow, no central bank backing, and what supports it is merely the belief that "the next person will buy at a higher price"; when this "next person" fails to appear, the market is left with a zero-sum game of mutual biting. History has long written the script: from tulips to P2P, all games relying solely on latecomers end with a few individuals leaving with profits while the majority hold worthless codes to witness the "drop to zero moment". Bitcoin is replicating this old path, but this time, the blockchain has accelerated the collapse process to a matter of minutes.