liquidity

Leverage outweighs liquidity as Bitcoin spot volumes drop 40% since January

Leverage outweighs liquidity as Bitcoin spot volumes drop 40% since January

Leave a Comment / Alpha, Bitcoin, derivatives-to-spot volume, Featured, leverage, liquidity, Research, trading volume /

Bitcoin’s market structure has shifted decisively toward leverage, with derivatives now overwhelmingly accounting for the majority of daily trading volume. Data from CryptoQuant showed that the derivatives market consistently comprised over 90% of Bitcoin’s total trading activity in 2025, pushing the average derivative-to-spot volume ratio to 13.2x YTD. This ratio peaked at 16.6× on May […]

Leverage outweighs liquidity as Bitcoin spot volumes drop 40% since January Read More »

Bitcoin’s price spike supported by ETF demand as stablecoin buying power remains low

Bitcoin’s price spike supported by ETF demand as stablecoin buying power remains low

Leave a Comment / Alpha, Bitcoin, BTC, exchange stablecoin ratio, liquidity, Research, stablecoin supply ratio /

The exchange stablecoins ratio (ESR) and stablecoin supply ratio (SSR) provide important insight into Bitcoin’s liquidity and potential buying power. ESR measures the proportion of stablecoins relative to Bitcoin exchange reserves, serving as a gauge of spot liquidity. A low ESR reflects limited immediate buying power, while a high ESR points to abundant capital waiting

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