Happy Monday! Let's start the day with a quick market update ⬇️
BTC is trading above 20k for the first time since Nov. 8th.
Trade volumes have soared, reaching their highest levels since the FTX collapse.
Whales could be leading this latest rally, evidenced by average trade size.
On Binance, trade sizes have climbed from ~700 to 1.1k since Jan 8th.
Despite the rally, BTC liquidity has failed to recover.
While market depth temporarily increased in December, liquidity started deteriorating again at the start of the year.
If we zoom in, we can better see this trend in January.
Market depth has recovered slightly over the past 2 days, but still remains near lows reached during the FTX collapse.
For more analysis, subscribe to our weekly research newsletter here:this twitter thread.