#比特币流动性危机 Bitcoin liquidity crisis worsens: market depth hits a 10-month low, institutional hoarding leads to a shrinkage in circulation

In August 2025, Bitcoin market liquidity continues to deteriorate. According to Kaiko data, the market depth for Bitcoin-USD and stablecoin trading pairs has dropped to 5,600 (approximately $155 million), marking a 10-month low, with slippage increasing 2.5 times since early March. The main reasons for the liquidity exhaustion include:

1. Institutional hoarding: Institutions like MicroStrategy hold over 20% of the circulating supply, and BlackRock's ETF holdings have surpassed one million coins, resulting in a sharp reduction in actual circulating chips;

2. Exchange policy adjustments: After Binance canceled zero-fee trading, Bitcoin-stablecoin liquidity plummeted by 70%, and trading volume dropped by 90%;

3. On-chain activity at a standstill: The seven-day average trading volume is only 310,000 transactions, and miner fee income has fallen to $590,000 per day, exacerbating market fragility.

Currently, the Bitcoin volatility index has risen to 68, and analysts warn that insufficient liquidity could trigger drastic price fluctuations, necessitating vigilance for testing the key support level of $86,000 in the short term.