The liquidity crisis of Bitcoin (#比特币流动性危机 ) may exacerbate market volatility, short-term panic could trigger sell-offs, but mid-term may welcome recovery opportunities. The main impacts are as follows:

1. **Price Volatility Amplification**: Imbalance in buy and sell orders can easily lead to flash crashes or sharp spikes, and the risks of leveraged positions surge.

2. **Institutional Entry Opportunity**: Low-priced BTC attracts long-term capital layout, compliant exchanges may become a funding entry point.

3. **Regulatory Attention Intensifies**: Liquidity risks may accelerate the implementation of global stablecoin frameworks and custody rules.

> *On-chain data shows that the BTC balance on exchanges has fallen to a five-year low, and the OTC price difference has widened to over 3%, with weakened market depth. However, the proportion of long-term holders has surpassed 76%, and similar historical phases often accompany bottoming trends.*

**Strategy Tip**: Be cautious of liquidity crunch in the short term, focus on the support of mining companies' holding cost line (around $28K) in the mid-term, and liquidity recovery may take 1-2 quarters. Close monitoring of the USDT premium index and changes in CME futures open interest is necessary.