According to Odaily Planet Daily, Glassnode co-founder @Negentropic_ said that from December 2020 to February 2021, the market was in a similar cycle phase, with liquidity outflows and price pullbacks occurring simultaneously.
He pointed out that at that time, the network growth continued, the price stabilized, and liquidity returned, and the price rebounded quickly. This shows that as long as the network growth remains bullish and the price does not fall further, the liquidity return may trigger a rapid price increase.