Where did the liquidity of 2025 ultimately flow to? Based on OTC market data, we find that capital flows exhibit a completely different pattern. What has happened in the over-the-counter digital asset trading market this year? Why has the market structure undergone such a fundamental transformation? Key data tells us: liquidity is not just about volume, but also about structural reshaping. From trading depth to participant composition, and to price discovery mechanisms, all of these are quietly changing.