If someone had told me at the beginning of 2024 that BTC would face such liquidity difficulties, my reaction would probably be—doubtful. But reality is often more complicated. Over the past year, we have witnessed rapid changes in the liquidity landscape of the crypto market. BTC's trading depth and order book thickness are undergoing unprecedented tests. The once taken-for-granted assumption of high liquidity has been shattered one by one during extreme market volatility. This is not an intelligence issue, but rather the market itself teaching us to re-understand asset characteristics. Sometimes, admitting a misjudgment is the clearest market attitude.