2023-5-22 13:15 |
Quick Take Spot market total volume for cryptocurrency exchanges has hit a new low year to date, which further supports the CryptoSlate thesis of lack of liquidity in the market. The current 7-day moving average of exchange volume is $10.4 billion, the lowest level in 2023, which peaked in March at $46.26 billion. The concern isn’t just Bitcoin but Ethereum, USDT, and USDC. Exchange liquidity is drying up considerably, according to Glassnode, with Bitcoin and ETH approaching three-year lows. The same is occurring for USDT and USDC, also heading to new lows since early 2022. As volumes and liquidity continue to head lower, this will only create a more volatile market. Exchange Volume: (Source: The Block) BTC & ETH Deposits: (Source: Glassnode) USDC & USDT: (Source: Glassnode)
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