#数字资产市场动态 Liquidity Cliff vs. Central Bank Dilemma

Recently, there's a noticeable phenomenon in the trading market — large funds are becoming more cautious. This isn't just a matter of sentiment; the data reflects real liquidity pressure.

Why is this happening? On one hand, the macro environment is changing. The Federal Reserve is in a bind — maintaining high interest rates could slow down the economy; cutting rates quickly risks inflation rebound. This kind of oscillation itself makes market participants hesitant to make big bets.

On the other hand, on-chain and exchange liquidity are being reshaped. Large investors are watching from the sidelines, retail traders are closing positions, and market makers are widening bid-ask spreads. Major cryptocurrencies like $BTC and $ETH are still manageable, but the trading depth of small and mid-cap tokens has significantly shrunk — entering and exiting positions now comes at a cost.

The central bank faces an even tougher dilemma: loosening liquidity to prevent asset bubbles or tightening to avoid systemic risks. As risk assets, the crypto market is especially sensitive to these policy signals. Every statement from the Fed can trigger volatility across thousands of trading pairs.

The current situation is — liquidity isn't disappearing, but being reallocated. Risk-tolerant funds are withdrawing, while conservative capital is waiting for clearer policy signals. In the short term, this deadlock is hard to break unless new market events or policy shifts occur.