#交易流动性 Liquidity is the core pillar of efficient operation in financial markets, especially crucial for high-volatility assets like cryptocurrencies. It directly affects whether trades can be executed smoothly, at what price they are completed, and even determines whether the market operates normally.

Liquidity refers to the ability to quickly buy and sell assets without significantly impacting their price. It is composed of three core elements:

1. Market Depth: The total amount of pending orders within a specific price range on the order book

2. Tightness: The size of the bid-ask spread

3. Elasticity: The speed at which prices return to equilibrium after large trades

Insufficient liquidity can exponentially amplify the damage to small coins and volatile markets— a $100,000 trade in the BTC market may only incur a 0.1% slippage, while in low liquidity altcoins, it can lead to price collapse.