Dwindling order book depth raises liquidity concerns in crypto markets

Definition

The quantity of bids and asks within 2% of the mid-price for USD(T) pairs.

Quick Take

• Order-book depth in the crypto market for Bitcoin and Ethereum hits new lows, even lower than the levels post-FTX collapse.
• A major concern is an illiquid market that can have ramifications both to the upside and downside.
• According to Kaiko, the market depth is now the lowest since the Terra collapse, which has dropped over 50% since October for both Bitcoin and Ethereum.

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