#比特币流动性危机

The liquidity crisis of Bitcoin is intensifying, and the market is facing severe challenges interwoven with multiple factors.

From the perspective of exchanges, the current Bitcoin reserves have fallen to their lowest levels in years. This means that the chips available for immediate trading in the market are continuously decreasing, and investors may face greater slippage when buying and selling, quietly increasing trading costs. Meanwhile, a large amount of Bitcoin is being 'locked up' by long-term holders—these investors value Bitcoin's long-term potential over short-term fluctuations, and their reluctance to sell further compresses market circulation, leading to a continuous deterioration in market depth.

The driving factors behind this are also noteworthy: large-scale hoarding by institutions continues to absorb the spot chips in the market, while the surge in demand for spot ETFs further exacerbates the situation—these products often require holding a significant amount of physical Bitcoin as support, which directly exacerbates the already tight circulation.

In this context, the market's sensitivity to large trades has significantly increased. Any sizable buying entering the market may trigger sharp price fluctuations due to a lack of sufficient counterparty orders. More critically, liquidity exhaustion is like a double-edged sword: if market sentiment improves, the limited circulation may amplify upward momentum, driving prices up quickly; however, once panic selling occurs, the market will face the risk of a 'flash crash' due to a lack of support.

For investors, closely monitoring the new risks brought about by these changes in market structure is particularly important.