流動性碎片化：重塑主要加密貨幣交易所遊戲規則的新挑戰

隨著數位市場的不斷成熟，一種顛覆傳統交易模式的複雜動態正在出現：流動性的分散化。這種現象

As digital markets mature, a dynamic that disrupts traditional trading models is emerging: the fragmentation of liquidity. This phenomenon, far from being anecdotal, could well redefine the rules of the game on major crypto exchanges, accentuating price disparities and increasing volatility.

隨著數位市場的成熟，一種顛覆傳統交易模式的動態正在出現：流動性的分散化。這種現象絕非傳聞，很可能會重新定義主要加密貨幣交易所的遊戲規則，加劇價格差異並增加波動性。

The fragmentation of liquidity accentuates price disparities

流動性分散加劇價格差異

The fragmentation of liquidity in crypto markets has become an important factor, especially during episodes of intense volatility. This dispersion of liquidity among different crypto exchange platforms leads to significant price divergences and disrupts traders’ strategies by creating sometimes costly arbitrage opportunities, Kaiko’s latest report reveals.

加密貨幣市場流動性的分散已成為一個重要因素，尤其是在劇烈波動的時期。 Kaiko 的最新報告顯示，不同加密貨幣交易平台之間的流動性分散導致了巨大的價格差異，並透過創造有時成本高昂的套利機會擾亂了交易者的策略。

The case of Binance.US, where trading volumes drastically dropped following SEC regulatory actions in 2023, perfectly illustrates this phenomenon. On August 5th, Bitcoin prices on this platform noticeably deviated from other more liquid markets, revealing the direct impact of fragmentation on price formation.

Binance.US 的案例，在 2023 年 SEC 監管行動後交易量大幅下降，完美地說明了這一現象。 8 月 5 日，該平台上的比特幣價格明顯偏離其他流動性較強的市場，揭示了碎片化對價格形成的直接影響。

The effects of this fragmentation are not limited to major assets like Bitcoin. In fact, other cryptos, particularly those with low liquidity, have shown even more marked price disparities. A more robust infrastructure and stricter liquidity management are essential to minimize risks and stabilize markets, especially during periods of high tension.

這種碎片化的影響不僅限於比特幣等主要資產。事實上，其他加密貨幣，特別是那些流動性較低的加密貨幣，已經表現出更明顯的價格差異。更強大的基礎設施和更嚴格的流動性管理對於最大限度地降低風險和穩定市場至關重要，尤其是在高度緊張時期。

The current challenges and trends in crypto liquidity

當前加密貨幣流動性的挑戰與趨勢

The impact of liquidity fragmentation is not limited to a price disparity among different crypto exchange platforms but also manifests through liquidity variations within trading pairs on the same platform. Take the example of Coinbase: the BTC-EUR pair is significantly less liquid than the BTC-USD pair, creating much more volatile market conditions during stress episodes.

流動性碎片化的影響不僅限於不同加密貨幣交易平台之間的價格差異，也體現在同一平台上交易對內的流動性差異。以 Coinbase 為例：BTC-EUR 貨幣對的流動性明顯低於 BTC-USD 貨幣對，在壓力時期造成了更不穩定的市場狀況。

This phenomenon was illustrated last March when the BTC-EUR pair experienced marked price divergences compared to the global market, exacerbated by a plummeting market depth.

去年 3 月，比特幣兌歐元貨幣對與全球市場相比經歷了明顯的價格差異，市場深度的暴跌加劇了這種現象。

This trend is further amplified by the concentration of liquidity on business days, a phenomenon that intensified with the advent of spot crypto ETFs in the U.S. Unlike traditional financial markets, crypto markets operate non-stop, 24/7, making periods of weakness, such as weekends, particularly vulnerable to abrupt price movements. Sell-offs that begin on a Friday tend to amplify over the weekend, when liquidity is lower, amplifying the impacts on prices.

這種趨勢因工作日流動性集中而進一步放大，這種現象隨著美國現貨加密 ETF 的出現而加劇。特別容易受到突然的價格波動的影響。週五開始的拋售往往會在週末加劇，此時流動性較低，從而放大對價格的影響。

This reality was particularly observed during the last sell-off, where Bitcoin recorded a 14% movement between the opening of U.S. markets on Monday and their closing on Friday, a tendency that has been observed during major corrections since 2020.

這一現實在上次拋售期間尤其明顯，比特幣在周一美國市場開盤至週五收盤之間波動了 14%，這一趨勢在 2020 年以來的重大調整中也出現過。

In the future, the ability of platforms to strengthen their resilience to these challenges will largely determine the stability of crypto markets. Investors, on the other hand, must remain vigilant, aware that liquidity, or its absence, could be a decisive factor in upcoming price movements.

未來，平台增強應對這些挑戰的能力的能力將在很大程度上決定加密市場的穩定性。另一方面，投資者必須保持警惕，意識到流動性或缺乏流動性可能是即將到來的價格趨勢的決定性因素。