It has been described as 'the ghost window'. Where the spectre of Profit and Sustainability Rules looms large, striking fear into those who dare to spend beyond their limitations.
To apply perspective, Premier League clubs spent an unprecedented £815million last January.
On Thursday, with a week to go before the winter transfer window closes, the spendometer has not even touched £40m. It's enough to make Jim White's yellow tie fade to grey.
In short, it's eerily quiet.
But let's not be naive here. History tells us that can change in the blink of an eye should one big deal fall or panic set in.