According to TechFlow, on December 30, Glassnode co-founder Negentropic published an article on social media to interpret the Swissblock Bitcoin Fundamentals Index (BFI), saying, "Currently, Bitcoin liquidity continues to weaken, but network growth remains stable. The period from December 2020 to February 2021 is similar to the current cycle stage and price trend.

During that period, the outflow of liquidity was accompanied by price adjustments, but network growth continued. Similarly, when prices stabilized and new liquidity began to flow in, prices rebounded strongly. This suggests that once liquidity flows back into the market, we may see prices rise, and as long as network growth remains bullish, prices will not fall to lower levels."