The capital structure of cryptocurrency spot markets is undergoing structural realignment following the sustained expansion of spot exchange-traded funds. Off-exchange settlement solutions and regulated custodians are capturing a growing share of daily trading volumes.
Order Book Depth and Volatility Impact
Market depth on retail-focused exchanges has contracted as institutional liquidity migrates to OTC desks and regulated venues. Analysts note this shift has dampened intraday volatility while increasing sensitivity to macroeconomic interest rate decisions.