Liquidity contraction: FX liquidity weakened, exchange BTC reserves fell to historical lows. 📉 IFP signal: Inter-exchange flow turned negative, entering the red zone, suggesting consolidation or adjustment. 🔴 Price and liquidity divergence: BTC remains near highs, but seller inventory is insufficient. Without new capital inflow, the market may stagnate. ⚖️ Historical experience: Similar IFP declines often lead to pullbacks or may require selling pressure to lower prices. ⏳ Position transfer: Exchange balances decrease, holders tend to self-custody, resulting in instant supply shortages. 🏦 Future direction: If liquidity recovers, it will support prices; otherwise, there may be short-term range fluctuations. 📈🔄