I recently saw the December report from a leading derivatives exchange—over $60 million in monthly revenue is indeed impressive, but it has dropped by more than 30% month-over-month. This contrast is worth digging into.

Let's first look at on-chain signals. Recently, large fund transfers have significantly decreased, while inflows to exchanges are rising, and retail addresses' activity is also declining. Putting these data points together sends one message: market participants are waiting and not moving. The macro pressure isn't small either; the Fed is still signaling, regulators occasionally make new statements, and short-term sentiment is somewhat stifled.

However, not all of this is bad news. From my years of experience, such revenue fluctuations are quite common and occur in every cycle. The real focus should be on whether the fundamentals are deteriorating—are institutional holdings increasing, and is on-chain application data steadily rising? This indicates that the underlying logic is still intact. This wave of correction is less about bad news and more an opportunity to redistribute positions.

In the short term, the market will likely continue to fluctuate, possibly with another downward move. But the long-term trend remains unchanged; the value of crypto assets is still there. The key is mindset and rhythm—gradually deploying, avoiding chasing highs, and waiting for rebounds. This market has always rewarded those who can endure patience.