#比特币流动性 Let's talk about the liquidity of Bitcoin. In simple terms, it means you can buy whenever you want, sell whenever you want, and large quantities won't cause a big crash.

How to assess it? Mainly by looking at two things—trading volume and order book. Leading exchanges easily have daily trading volumes surpassing hundreds of millions, and their order books are also quite thick. This means retail investors can enter and exit with minimal slippage.

Over the years, liquidity has continued to deepen. Institutional funds have entered (various ETFs, custody services), and the derivatives market has become more active, continuously increasing trading depth. In fact, Bitcoin's liquidity level now ranks among traditional assets.

But don't be too naive. In extreme market conditions, massive sell-offs can quickly drain liquidity. Imagine a moment of extreme panic, where buy orders vanish instantly, and prices plummet. This structural risk still objectively exists.

Overall? Bitcoin is already a high-liquidity asset, but we still need to be cautious of black swan moments.