Bitcoin rally masks a liquidity drop as smaller trades move the market

has surged 70% so far this year, but market liquidity for the world's top cryptocurrency is drying up.

That means smaller trades can increasingly move bitcoin prices. For example, a purchase of 462 bitcoins at the end of last month was able to move the price by 1% versus more than 1,400 bitcoins in January, according to CCData, cited by theThat's the lowest point of market depth for bitcoin trades via the stablecoin tether since May 2022, when the crypto market was reeling from price crashes and the failure of key industry players.

Overall liquidity in the market has been declining since the start of the year, CCData research analyst Jacob Joseph told Insider over email. "It's worth noting that the decline in Binance's market share in April may have also contributed to the decline in liquidity for the above BTC-USDT pair," he added.

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