Recently, I analyzed on-chain data from Perpetual DEX and found some interesting insights.

To get to the point: Hyperliquid's trading volume over the past 24 hours reached $7.5 billion, ranking first on the leaderboard. Just looking at this number, it certainly seems lively. But there's a key detail—its TVL and open interest haven't kept pace with the growth in trading volume.

In other words, trading is indeed hot, but the big funds willing to put money in haven't followed the trend. It's like a party that looks crowded, but upon closer inspection, most people are just passing through, with few planning to settle down. Exchanges like Aster and Lighter follow a similar pattern—trading volume surges, but TVL growth clearly lags behind.

What does this reflect? The market is still in a wait-and-see attitude. Most participants are probably engaging in short-term trading or hedging, and only a few are willing to leverage and go all-in on a single direction. The battle between bulls and bears is intense, but no one has absolute control.

Based on these signals, my judgment is: don't rush into the hype at this stage. This phenomenon of volume increasing while capital remains stable usually isn't a sign of a major trend starting; instead, it hints that the market is still hesitating. The most likely scenario is that the market will continue to oscillate within a range, possibly even using a pullback to shake out weak hands.

My strategy is to keep an eye on the changes in the main capital pools' TVL and the flow of stablecoins. Once these "real money" indicators catch up, it won't be too late to discuss trend opportunities. Don't be fooled by superficial excitement; the key is to watch where the funds are truly going.

Final words: stay patient and let the market find its own direction.