#流动性变化 This drop in Bitcoin's price is really quite nerve-wracking. When I saw ETF funds starting to flow out, I knew things were looking bad. We used to think ETFs would bring a continuous influx of capital to the market, but it turns out they can be a "double-edged sword" as well. Lately, liquidity in the market has clearly been decreasing, which is not a good sign.

Thinking back, every time a bull market ends, there are similar signs—funds start to withdraw, leverage can’t recover, and support strategies that used to work fail. It seems we might be at such a turning point now.

For newcomers, I want to say: don’t be blinded by short-term volatility. Learn to observe longer-term trends, such as ETF fund flows and stablecoin supply. These indicators often give us important clues.

The current market environment isn’t very optimistic, but there’s no need to be overly pessimistic either. In times like these, Bitcoin might actually attract more capital, since it’s the most mature and liquid crypto asset. Still, staying vigilant is always the right move. Risk management should always come first, especially in such uncertain times.