Bitcoin Market Liquidity Surges with Record Order Book Depth
Bitcoin order books are currently the most liquid since October, with a 2% market depth nearing $540 million, indicating the ability to trade at stable prices. U.S.-based exchanges are leading the increase in global order book liquidity, with the approval of spot bitcoin ETFs in January impacting both the cryptocurrency's price and order book liquidity. The greater market depth makes it easier to buy and sell large quantities without affecting prices, although it remains below levels observed before the collapse of FTX and Alameda Research in November 2022.