Trading venue mechanics across digital asset markets have shifted fundamentally following the sustained approval of spot exchange-traded funds (ETFs). Liquidity concentration has migrated sharply toward traditional market hours and regulated clearing entities.
Market Microstructure and Volatility Compression
Intraday price volatility across major assets has decreased by 18% over the past two quarters. Institutional market makers have introduced deeper order books, reducing bid-ask spreads but diminishing arbitrage opportunities for algorithmic desks.