#交易流动性

The essence 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 transactions).

2. **Trading Volume**: The total transaction amount in a given time period (high trading volume ≈ high liquidity).

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

### **Sources of Liquidity**

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

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

### **Liquidity Risk Warning**

⚠️ **Low Liquidity Coins**:

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

- Easily manipulated (high incidence of “rug pull” scams);

- When depth is insufficient, stop-loss orders may become ineffective!

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