#比特币流动性 Looking at recent monthly data and the performance of the Put-Call Ratio, combined with the capital flow situation on exchanges, here are some conclusions:

**Trend Aspect**
The consecutive decline in Q4 last year, especially the 17.67% plunge in November, shattered many people's expectations of a bull market. In terms of pattern, it closely resembles the trends seen in the deep bear markets of 2018 and 2022. This is not coincidental; statistically, it signals a clear continuation of the downtrend.

**Valuation is Interesting**
The Put-Call Ratio has returned to 0.83, falling below the 1.0 threshold. The bubble is indeed being squeezed out, and assets have entered an undervalued zone. But here’s a caution— the historical low is around 0.5 (the point where miners capitulate), and we haven't reached that level yet. In other words, there is still room for further decline.

**Market Capital Flow Reality**
Overall, exchanges are experiencing net outflows, with only a few top platforms maintaining their reserves. The market is currently in a risk-averse, shrinking state—everyone is guarding their own money.

Combining these three dimensions, we can basically get a true picture of Bitcoin's current liquidity.