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)

The post Liquidity evaporating, exchange volume hits lowest level of the year appeared first on CryptoSlate.

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Filed under: Bitcoin - @ May 22, 2023 10:15 am