Ever since the transfer window swung open at the beginning of January, tumbleweeds have blown across Europe. Even in the Premier League, where clubs usually splash the cash with little regard for the consequences, there has been near radio silence.
Ironically, considering the criticism Daniel Levy has received for tightening the pursestrings in the past, it is actually Tottenham who lead the way in the spending charts at present. But even they have hardly pushed the boat out, signing Timo Werner on loan and paying Genoa £21.5m ($27.4m) plus £5.2m ($6.6m) in add-ons for the services of Radu Dragusin.
They were linked with a move for Chelsea's Conor Gallagher too, but seem to have turned the noses up due to economic reasons - echoing the wider trend of financial restraint being exercised by clubs across the continent this January.
The question on everyone's lips is: where have all the big spenders gone? This time last year, Chelsea had already splashed £89m ($113m) on Mykhailo Mudryk, Liverpool had snapped up Cody Gakpo, while struggling clubs like Bournemouth and Leeds had been busy too.