@quilts1
As of March 30, 2025, the 35% drop in Bitcoin liquidity during Asian trading hours may involve Asian crypto exchanges (e.g., Binance adjustments), institutional investors (e.g., hedge funds in Hong Kong, Singapore), mining pools, and retail traders reducing participation. Regulatory pressure (e.g., China’s ban, Korea’s compliance rules), market volatility, and global effects (e.g., BlackRock ETF outflows) could be factors. Specific exiting institutions are hard to pinpoint, but these groups may cut order volumes due to risk management or policy impacts.