News · Institutions & ETFs
Order-book depth dropped as much as 33% following the midterms while spot ETF outflows and stablecoin contractions drained market liquidity.
Key point 1 of 3
01
Bitcoin 1% order-book depth plunged 33% to $72M on Nov. 9 and remains 10% to 15% below normal levels across major spot exchanges.
Key point 2 of 3
02
Spot Bitcoin ETFs posted $684M in weekly outflows, while stablecoin supplies fell by $2.15B, led by contractions in USDC and USDS.
Key point 3 of 3
03
BTC perpetual open interest remained near highs at 463K BTC, sitting at the 93rd percentile of open-interest-to-market-cap over the past year.
Context
A brief post-election rally reversed quickly into an equities and crypto selloff, with macro headwinds from a hot October CPI and hawkish Fed rate expectations compounding the…
Why it matters
Traders and market makers face heightened execution slippage and liquidation cascade risks, as thinned depth makes price moves roughly 1.6 times more volatile during low-liquidity…
What to watch
Market reactions to the upcoming Anthropic IPO, where pre-IPO perpetuals have accumulated over $400 million in open interest, testing tech and crypto risk sentiment.
Sources
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