These days I'm seeing a lot of Bitcoin dip being chaulked up to global liquidity problems.

I happened to be looking back through some old notes from 2023 and came across this, explaining the pump at the time:

> - Liquidity Issues In The Global Financial System

> - UBS and maybe HSBC and Deutsche Bank are facing liquidity issues. when there are liquidity issues with banks, one possible reaction is the liquidity-immunity that self-custodied bitcoin provides.

I don't like the fact that "low liquidity" is sometimes used to explain pumps, sometimes used to explain dips. What am I missing?