#交易流动性 Below is the core analysis of liquidity in the cryptocurrency market (approximately 120 words):

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### **The Nature of Liquidity**

**“The ability to buy and sell quickly without significantly affecting the price”** depends on:

1. **Market Depth**: The dense volume of buy and sell orders in the order book (the thicker the depth, the smaller the slippage for large trades).

2. **Trading Volume**: The total amount of transactions within a unit of time (high trading volume ≈ high liquidity).

3. **Bid-Ask Spread**: The difference between the best buy and sell orders (the smaller the spread, the stronger the liquidity).

### **Sources of Liquidity**

- **CEX**: Market makers (institutions providing bilateral quotes) + retail orders.

- **DEX**: Liquidity pools (LP users stake tokens, such as Uniswap's AMM mechanism).

### **Liquidity Risk Warning**

⚠️ **Low Liquidity Tokens**:

- Extremely high slippage (order price ≠ transaction price), large sell-offs may crash the market;

- Prone to manipulation (high incidence of “rug pull” scams);

- When depth is insufficient, stop-loss orders may fail!

**Strategy**: **Only trade mainstream coins (BTC/ETH) and high liquidity platforms, stay away from altcoins with 24h trading volume < $1 million!**