A higher close doesn't necessarily mean stronger participation.
On Bitget's base:0x1f16e03c1a5908818f47f6ee7bb16690b40d0671 / USDT perpetual, price closed at $0.04894 in the 00:00 to 01:00 Bangkok candle, then $0.04905 in the 03:00 to 04:00 candle.
Price: +0.22%
Hourly turnover: $10,221.56 to $610.96, down 94%.
That's one venue, not a market-wide liquidity claim or a bearish prediction.
If price extends again, watch whether turnover returns with it.
Check what traded behind the higher close.