The recent liquidity crisis of Bitcoin (#比特币流动性危机 ) has exposed the fragility of the cryptocurrency market. When there is a concentrated sell-off in the market and insufficient buying support, prices can plummet like a kite with a broken string, even leading exchanges to suspend withdrawals. This crisis stems from the duality of its decentralized nature: there is no central bank to provide a safety net, nor is there a market-making mechanism typical of traditional financial markets. Some institutions are over-leveraged and are forced into a series of liquidations when liquidity dries up, further exacerbating panic. This also reminds the market that the so-called 'risk-resistant' label of Bitcoin needs to be re-evaluated; in the absence of stable liquidity support, it acts more like an amplifier of emotions, providing investors with a vivid lesson in risk.