Market liquidity has decreased by 15%-20% since the "October 11th crash," according to Lin, Head of Business Development for Asia Pacific at Deribit. Lin shared on the X platform that the current market conditions are influenced by a volatile earnings season in the US stock market, which continues to reach new highs, drawing funds away from other markets. Lin suggests that while a market rally is possible by year-end if the US stock market stabilizes and liquidity improves, significant short-term gains are unlikely due to persistent high volatility.