I don't know anything about liquid.
Discussion
it's a sidechain that acts very much like bitcoin (UTXO's, etc) where you can peg-in / peg-out bitcoin.
1 min block times.
it's federated custody so not trustless, but it does work.
anyways, once you have sats in there, in aqua you can do a swap to peg-out your liquid sats and "turn em back into bitcoin", which is then in your custody.
the same seedphrase in aqua is used for both liquid and bitcoin.