The crisis of #比特币流动性危机 stems from the duality of its decentralized characteristics: there is neither a central bank to back it up, nor a market-making mechanism typical of traditional financial markets. Some institutions have excessive leverage and are forced to liquidate in a chain reaction when liquidity dries up, further exacerbating panic.

This also reminds the market that the so-called "risk-resistant" label of Bitcoin needs to be reexamined; in the absence of stable liquidity support, it acts more like an amplifier of emotions, providing investors with a vivid lesson in risk.