Binance.US, the US subsidiary of popular cryptocurrency exchange Binance, has experienced a significant drop in liquidity, with market makers and traders reportedly fleeing the exchange in large numbers. According to data from crypto market data provider Kaiko, liquidity, as measured by aggregated market depth for 17 tokens on the exchange, has fallen nearly 80% over the past week.
On June 4, the day before the Securities and Exchange Commission (SEC) lawsuit, market depth was $34 million, but today, market depth is just $7 million.
Market Makers Exodus
Market makers are financial firms that facilitate trading in financial markets by providing liquidity. They buy and sell assets, such as cryptocurrencies, at quoted prices to profit from the difference between the buy and sell prices, known as the bid-ask spread.
In cryptocurrency exchanges, market makers are crucial in providing liquidity by placing buy and sell orders at different price levels. This allows investors to buy and sell as
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