According to CoinMeta, Bitcoin ( BTC ) has climbed to $64,000, but this rebound occurred in a context of low trading volume, raising doubts about whether the upward trend can be sustained. Analyst 10x Research pointed out that crypto trading activity has plummeted since the peak after the president's inauguration and during the flash crash in October. Bitcoin's current trading range is the narrowest it has been in months, and the implied volatility has dropped to a level rarely seen outside of the summer slump. Analysts say, 'Illusion of liquidity: The recent sharp fluctuations are more like a short-term liquidity cleanse than a sustainable organic trend.' Meanwhile, ETF capital inflows remain weak, and stablecoins continue to flow out.