In this report, we explore how regulatory scrutiny has impacted liquidity across markets, particularly in the U.S., and how this has been driven by key events such as the recent accusations made by the SEC.
June 16, 2023
Report Summary
The recent SEC lawsuits have been damaging to the industry and have severelyimpacted volumes and liquidity across all markets, with spot trading volume falling21.8% to $495bn in May, recording the lowest monthly trading volume since March2019. In this report, we explore how recent regulatory scrutiny has impacted the digital asset markets.
Key Takeaways
Derivatives market share continued to rise for the third consecutive month to 79.8%, hinting at the speculative nature of the market at present.
Currently, the aggregate liquidity for Bitcoin (BTC) stands at approximately 3,400 BTC (for 14 analysed exchanges), a 53.4% decrease from its peak prior to the FTX collapse on October 25th and a 40.8% decrease compared to the beginning of 2023.
1% market depth on U.S. exchanges has notably dropped from 1,500 BTC to 400 BTC, possibly due to regulatory and macroeconomic pressures.
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