From 5.188 trillion at the beginning of 2023 to 50 billion now, liquidity has disappeared by 90%. In the past few days, BTC has plummeted, and liquidity has improved a bit, but how long can it last? The essence of cryptocurrency still lies in liquidity—without money, it rises slowly and falls quickly. For cryptocurrency, I only focus on BTC main movements, market liquidity, cycles, and trends. Everything else is just noise. Liquidity BTC ETH