According to CryptoOnchain data, total internal Bitcoin exchange flow has fallen to its lowest level since 2022, at approximately 14,000 BTC. This metric tracks BTC flow within exchanges, reflecting operational activity and short-term distribution readiness. Its continued decline indicates a significant reduction in BTC flowing within exchanges, pointing to weakened market-making activity and tightening liquidity. Lower internal flow is typically associated with increased holding behavior, reduced arbitrage activity, thinner order books, and increased sensitivity to shocks. The Bitcoin market currently appears to be in a "liquidity pause" phase, historically a precursor to sharp directional changes after market activity resumes.