Liquidity leaving the market, is it just the beginning of the Crypto winter?
BTC futures liquidations came in at the highest YTD levels twice over the past week alone, as long positions were brutally stopped out with the latest moves catching many natives off guard. Secondary market liquidity and volumes have also been anemic, with CEX volumes hitting some of the lowest levels in May and June with ~50% YoY drop, thus adding to the ferocity of the downside move.
With the enforcement actions likely to take years to play-out in the US, the winter is likely going to be longer than many had anticipated, even for veterans of the prior crypto-winters. Stay safe out there!
