Bitcoin is experiencing liquidity pressure as long-held coins reemerge in the market. Data from Joao Wedson indicates four distribution alarms, highlighting dormant Bitcoin moving into exchanges and ETFs. Inter-exchange flows are currently below the 90-day average, suggesting a potential slowdown in market activity. On-chain metrics reveal weak demand from new buyers, creating a gap between price and liquidity. Traders are advised to monitor capital flows and early holder activity as Bitcoin's price remains near $90,000.