As of #比特币流动性危机 , Bitcoin is currently facing a severe liquidity crisis, with its core contradiction reflected in the dual pressure of institutional hoarding and the imbalance in market mechanisms. According to the latest data, the world's top ten institutions hold over 2 million Bitcoins, accounting for 9.5% of the circulating supply, resulting in exchange reserves falling below 2018 levels and daily trading volume shrinking to a historical low of 317,000 transactions. The liquidation of Silvergate Bank and Signature Bank has cut off the core payment channels for cryptocurrencies, while Binance's cancellation of its zero-fee policy has further plunged platform liquidity by 70%, exacerbating the issues of widening bid-ask spreads and surging slippage. On-chain data shows that miners' average daily fee revenue has fallen to $593,000, below the critical threshold needed to maintain network stability, forcing some mining pools to resort to 'dark pool trading' for survival. This liquidity depletion resonates with the Federal Reserve's interest rate hike cycle; as the M2 money supply growth rate hits a historical low, Bitcoin finds it hard to remain unaffected, facing extreme risks of a 5% daily fluctuation in September.