The liquidity crisis of Bitcoin (#比特币流动性危机 ) is mainly manifested in insufficient market depth and supply-demand imbalance. The core issues include:

1. **Supply Shortage**: Institutional funds and spot ETFs influx (demand increased by 432% year-on-year), but exchange inventories have fallen to multi-year lows, and long-term holders locking in their assets exacerbates circulation scarcity.

2. **Market Vulnerability**: Uneven liquidity distribution leads to widened spreads, and small trades can trigger violent fluctuations. The current price has fallen into the "volume gap" (low liquidity range) of 110k-116k USD, sharply increasing liquidation risks—if it drops below 116,000 USD or triggers the forced liquidation of 950 million USD long positions.

3. **Capital Exhaustion**: The influx of new liquidity from stablecoins has stagnated (e.g., the growth rate of USDT has slowed), combined with regulatory uncertainties (such as SEC investigations into exchanges), further suppressing buying momentum.

This crisis exposes the structural contradictions in Bitcoin's transition from a trading asset to a store of value, necessitating reliance on institutional tools and liquidity agreements for improvement in the short term.