The recent Bitcoin market has seen a surprisingly serious liquidity crunch.

I believe there is a high likelihood of increased downward pressure in the short term.
However, it is precisely during these times that we need to seriously consider systemic risk.

As a structural issue in the digital asset market, when liquidity dries up, price volatility becomes even more intense.
Even large assets like Bitcoin can experience unexpected declines if market participants' psychology shifts suddenly.
From a systemic risk perspective, such liquidity shocks are not just a matter of price; they are critical indicators related to the overall stability of the market.

That said, industry experts' views are interesting.
As pointed out by the CIO of Signum, even with short-term pressures, the long-term bullish trend remains unchanged, which has some basis.
Bitcoin's fundamental value proposition still holds, and in fact, these correction phases can serve as opportunities to test the market's intrinsic strength.

While being aware of systemic risk, long-term investors can see the current environment as a situation worth contemplating.
The liquidity crunch is likely a temporary phenomenon, and it wouldn't be surprising to see movements aimed at market recovery afterward.
That's how I personally observe the situation.