According to Kaiko, amid the collapse of Sam Bankman-Fried’s trading firm Alameda Research, the drop in crypto liquidity over the past week is far larger than in any previous market drawdown. _jocelynyang_ reports
Sam Bankman-Fried’s trading firm, Alameda Research
The drop in liquidity over the past week is far larger than in any previous market drawdown, and it could be “here to stay” in the short term, according to Kaiko – especially since other trading firms including Amber Group and Genesis Trading have reportedSince Nov. 5, bitcoin liquidity within 2% of the mid-price has fallen from 11,800 BTC to 7,000 BTC, the lowest since early June, according to Kaiko, which analyzed data from 18 crypto exchanges.
BTC’s price fell more than 21% in the past seven days, trading around $16,200 as of Monday midday, while ETH was down 23% over the past week to $1,210.Kaiko said liquidity in altcoins might be “more concerning,” especially those that were significant holdings of Alameda, such as Solana’sSOL’s total market depth has fallen 50% from 1 million SOL to under 500,000 SOL aggregated across all order books, according to Kaiko: “This drop was felt on every single exchange.
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