[Opinion: Recent Bitcoin price fluctuations are more influenced by liquidity conditions rather than Fed rate cut expectations] According to Deep Tide TechFlow on February 11, as reported by Cointelegraph, recent Bitcoin price fluctuations are more influenced by liquidity conditions rather than expectations of Federal Reserve rate cuts. Research indicates that while rate cuts were once a significant signal for the cryptocurrency market, Bitcoin is now more sensitive to the actual availability of funds and risk capital within the financial system. Experts point out that interest rates and liquidity are distinct concepts: the former measures the cost of funds, while the latter reflects the circulation of funds. When liquidity is abundant, leverage and risk investments expand, driving up Bitcoin prices; when liquidity tightens, leverage rapidly decreases, often leading to simultaneous declines in stocks and commodities. The Federal Reserve's balance sheet policies, U.S. Treasury cash management, and money market instruments directly shape liquidity, having a greater impact on Bitcoin than minor changes in policy rates. Analysts are now more focused on whether system liquidity is sufficient to support risk investments rather than solely on the direction of interest rates.