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.
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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.
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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.
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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.
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Research NewsletterThis post is based on this twitter thread.
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