CoinVoice has recently reported that, according to on-chain data, the main reason Bitcoin's price is currently difficult to recover is due to insufficient liquidity. Data shows that since August, the 7-day average of stablecoin inflows to exchanges has dropped sharply from $158 billion to about $76 billion now, a decline of 50%. The 90-day average has also decreased from $130 billion to $118 billion.

Analysis indicates that this reflects weak demand for Bitcoin, which cannot absorb market selling pressure. The current market is in a downward trend, and the recent slight rebound is primarily due to reduced selling pressure rather than a return of buying interest. Tracking stablecoin inflows helps to determine whether new liquidity is about to enter the market. Analysts emphasize that for Bitcoin to restart a real bull market, the key lies in the entry of new liquidity into the market. Currently, the market lacks sufficient purchasing power to support price increases.[Original link]