Depth concentrates in majors
Exchange liquidity remains strongest in Bitcoin, Ethereum, and a narrow set of high-conviction altcoins. Smaller markets are seeing wider spreads, thinner books, and more sensitivity to headline-driven flows.
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Market makers stay selective
Liquidity providers are prioritizing venues and pairs where volume is durable enough to justify balance sheet usage. That selectivity can create a feedback loop where popular themes receive better execution while weaker narratives become more fragile.
Why it matters
For traders, liquidity quality can matter more than the quoted price move. Thin books can turn routine rotations into exaggerated breakouts or breakdowns, especially around unlocks, listings, and macro events.