{"id":537555,"date":"2023-06-12T19:30:14","date_gmt":"2023-06-12T19:30:14","guid":{"rendered":"https:\/\/wncen.com\/?p=537555"},"modified":"2023-06-12T16:32:48","modified_gmt":"2023-06-12T16:32:48","slug":"binance-us-plunges-as-market-makers-rush-to-exit-market-depth-down-80","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/binance-us-plunges-as-market-makers-rush-to-exit-market-depth-down-80\/","title":{"rendered":"Binance.US Plunges As Market Makers Rush To Exit, Market Depth Down 80%"},"content":{"rendered":"<p>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. <a href=\"https:\/\/research.kaiko.com\/insights\/binance_us_mms\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">According <\/span><\/a><span style=\"font-weight: 400\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/cardano\/cardano-price-falls-below-key-support-levels-will-it-continue-to-fall\/\" target=\"_blank\" rel=\"noopener \">Cardano Price Falls Below Key Support Levels, Will It Continue To Fall?<\/a><\/div>\n<h2><span style=\"font-weight: 400\">Market Makers Exodus<\/span><\/h2>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">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 assets at a desired price and helps to stabilize the market.<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, the decreased market depth has resulted in a more than 6% price difference between mainstream cryptocurrencies on Binance.US and other exchanges, which has since been flattened.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The drop in liquidity suggests that market makers are nervous and want to avoid volatility-induced losses and the possibility of their assets getting stuck on an exchange, like during the FTX collapse.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Binance.US has suffered the most out of the exchanges targeted in the lawsuits, with its market share dropping from 20% in April to just 4.8% today, according to Kaiko.<\/span><\/p>\n<figure id=\"attachment_537567\" aria-describedby=\"caption-attachment-537567\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-537567\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/FyavWboaAAAJoPV.jpg?resize=860%2C460\" alt=\"Binance\" width=\"860\" height=\"460\"><figcaption id=\"caption-attachment-537567\" class=\"wp-caption-text\">Binance.US market depth drop. Source: <a href=\"https:\/\/research.kaiko.com\/insights\/binance_us_mms\" target=\"_blank\" rel=\"noopener nofollow\">Kaiko Research.<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">The drop in market depth for Binance.US indicates that market makers are rushing to exit the market, potentially due to regulatory concerns or other factors. This can have several implications for Binance.US, including decreased liquidity, increased volatility, and potential difficulty for investors to buy or sell assets at a desired price.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Coinbase, on the other hand, has seen its market share soar over the past week, from 46% to 64%, for unclear reasons. No particular asset saw an unusual surge in trade volume.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, Coinbase may have the most to lose in the lawsuits, considering 80% of its business is in the United States. In contrast, the Binance.US entity accounts for a small fraction of global Binance activity.<\/span><\/p>\n<h3><span style=\"font-weight: 400\">Binance Sees $500 Million Drop In Open Interest<\/span><\/h3>\n<p><span style=\"font-weight: 400\">According to Kaiko research, over the last week, the cryptocurrency market has experienced a significant decline in open interest, with Bitcoin (BTC) open interest falling over 25% on Binance from peak to trough. From a high of $4.1 billion of open positions, BTC&#8217;s open interest on Binance dropped to a low of $2.9 billion as long positions were liquidated and prices fell.<\/span><\/p>\n<figure id=\"attachment_537564\" aria-describedby=\"caption-attachment-537564\" style=\"width: 712px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-537564\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/Screenshot_53.jpg?resize=712%2C340\" alt=\"Binance\" width=\"712\" height=\"340\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/Screenshot_53.jpg?w=712 712w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/Screenshot_53.jpg?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/Screenshot_53.jpg?w=130 130w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/Screenshot_53.jpg?w=104 104w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/Screenshot_53.jpg?w=83 83w\" sizes=\"auto, (max-width: 712px) 100vw, 712px\"><figcaption id=\"caption-attachment-537564\" class=\"wp-caption-text\">Binance&#8217;s decline in open interest. Source; <a href=\"https:\/\/research.kaiko.com\/insights\/binance_us_mms\" target=\"_blank\" rel=\"noopener nofollow\">Kaiko Research.<\/a><\/figcaption><\/figure>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/cardano\/insights-on-adas-security-concerns-cardano-founder-and-ripple-cto-exchange-views\/\" target=\"_blank\" rel=\"noopener \">Insights On ADA\u2019s Security Concerns: Cardano Founder And Ripple CTO Exchange Views<\/a><\/div>\n<p><span style=\"font-weight: 400\">Despite the decline in open interest, funding rates on Binance remained mostly positive throughout the week, only dipping negative for two funding payment periods on the 6th and the 11th.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This is interesting as funding rates typically become negative during a market downturn when there is a high demand for short positions. The fact that funding rates remained mostly positive during the market decline suggests that investors may still be bullish on cryptocurrency.<\/span><\/p>\n<figure style=\"width: 1813px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/RPJECADI\/\" alt=\"Binance\" width=\"1813\" height=\"858\"><figcaption class=\"wp-caption-text\">BTC&#8217;s sideways price action on the 1-day chart. Source:<a href=\"https:\/\/www.tradingview.com\/chart\/wTcLONum\/\" target=\"_blank\" rel=\"noopener nofollow\"> BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Featured image from Unsplash, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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. Related Reading: Cardano Price Falls Below Key Support Levels, Will It Continue To Fall? 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 assets at a desired price and helps to stabilize the market. However, the decreased market depth has resulted in a more than 6% price difference between mainstream cryptocurrencies on Binance.US and other exchanges, which has since been flattened. The drop in liquidity suggests that market makers are nervous and want to avoid volatility-induced losses and the possibility of their assets getting stuck on an exchange, like during the FTX collapse.\u00a0 Binance.US has suffered the most out of the exchanges targeted in the lawsuits, with its market share dropping from 20% in April to just 4.8% today, according to Kaiko. The drop in market depth for Binance.US indicates that market makers are rushing to exit the market, potentially due to regulatory concerns or other factors. This can have several implications for Binance.US, including decreased liquidity, increased volatility, and potential difficulty for investors to buy or sell assets at a desired price. Coinbase, on the other hand, has seen its market share soar over the past week, from 46% to 64%, for unclear reasons. No particular asset saw an unusual surge in trade volume.\u00a0 However, Coinbase may have the most to lose in the lawsuits, considering 80% of its business is in the United States. In contrast, the Binance.US entity accounts for a small fraction of global Binance activity. Binance Sees $500 Million Drop In Open Interest According to Kaiko research, over the last week, the cryptocurrency market has experienced a significant decline in open interest, with Bitcoin (BTC) open interest falling over 25% on Binance from peak to trough. From a high of $4.1 billion of open positions, BTC&#8217;s open interest on Binance dropped to a low of $2.9 billion as long positions were liquidated and prices fell. Related Reading: Insights On ADA\u2019s Security Concerns: Cardano Founder And Ripple CTO Exchange Views Despite the decline in open interest, funding rates on Binance remained mostly positive throughout the week, only dipping negative for two funding payment periods on the 6th and the 11th.\u00a0 This is interesting as funding rates typically become negative during a market downturn when there is a high demand for short positions. The fact that funding rates remained mostly positive during the market decline suggests that investors may still be bullish on cryptocurrency. Featured image from Unsplash, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":537561,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10768,84195,78790,6664,1558],"class_list":["post-537555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-binance-crypto-exchange","tag-btcusdt","tag-crypto","tag-cryptocurrency"],"acf":[],"yoast_head":"\n<title>Binance.US Plunges As Market Makers Rush To Exit, Market Depth Down 80%<\/title>\n<meta name=\"description\" content=\"Binance.US has experienced a significant drop in liquidity, with market makers and traders reportedly fleeing the exchange in large numbers.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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