$BTC Recent BTC liquidity trends indicate heightened volatility across centralized exchanges, driven by macroeconomic uncertainty, ETF inflows, and shifting institutional risk appetites. Liquidity fragmentation has increased due to thinner order books and reduced market depth, especially during off-peak trading hours. On-chain data signals increased movement to self-custody, reducing available BTC float. Market makers remain cautious amid regulatory headwinds and uncertain Fed guidance. The bid-ask spread has widened slightly, impacting execution efficiency. Despite short-term constraints, long-term liquidity outlook remains resilient, supported by growing derivatives activity and infrastructure improvements. Stakeholders should monitor exchange outflows, whale activity, and macro catalysts to navigate this evolving liquidity landscape.