I have considered many possible reasons for the decline, but this wave of liquidity extraction from traditional finance was truly unexpected. Although the market still operates according to the previous short-term rhythm, I still want to share some thoughts on this logic.

In all financial markets, the overall capital itself is not a fixed quantity; its size can be said to be "infinite." However, liquidity itself has a certain quantifiable amount, which can measure roughly how much capital in the entire market can be "mobilized."
As we mentioned in previous articles, the Bitcoin market itself is a market asset based on consensus, with liquidity as the core of trading. In other words, if we regard liquidity as a "target," then Bitcoin under certain conditions can be seen as a reference "indicator" of market liquidity.
Capital in the market flows from one "full-force" target to another, which can only indicate one thing — the available liquidity has decreased. If this liquidity cannot be released in subsequent stages, then similar driving forces in the future will become weaker and weaker, until liquidity is completely tightened.
It is foreseeable that the final surge will be the "last dance" after the carnival.
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