Digital asset liquidity metrics demonstrate increased stability following the introduction of standardized ETF clearing procedures. Institutional trade volume now accounts for over 60% of daily spot transactions.
Order-Book Compression
Bid-ask spreads across top-tier exchanges have narrowed by 22 basis points over the past two quarters. This structural shift reflects greater depth in market-maker capital deployment.
Regulatory Compliance Effects
Jurisdictions enforcing strict anti-money laundering and custody standards are capturing a larger share of cross-border transaction volume, drawing capital away from non-compliant venues.