Digital asset liquidity across institutional venues reached a six-month low following the implementation of unified settlement rules across European and Asian regulatory jurisdictions. Market participants are recalibrating execution strategies to comply with heightened capital requirements.
Consolidation of Desk Execution
Tier-one brokerage firms have captured an estimated 68% of spot trading volume, absorbing market share from independent desks. Compliance costs have surged, forcing smaller market makers to wind down non-custodial liquidity operations.