# Liquidity Related Articles

HTX News Center provides the latest articles and in-depth analysis on "Liquidity", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

Bitfinex Launches Zero-Fee Trading, Leveraging Long-Term Profitability to Accelerate Global Crypto Asset Adoption

Bitfinex, a leading global cryptocurrency exchange, has announced a major update to its fee structure, eliminating all trading fees for spot, margin, perpetual swaps, tokenized securities, and OTC trades for both makers and takers. The move is positioned as a long-term strategic shift, not a short-term promotion, and is made possible by the platform's sustained profitability and robust financial management since its founding in 2012. By removing fees, Bitfinex aims to set a new industry benchmark, improve market liquidity, and significantly lower the barrier to entry for users engaging with crypto assets. The exchange believes this will attract new users while rewarding existing ones, reinforcing its position as a cost-effective platform. With over 250 spot trading pairs and 60+ perpetual contracts, Bitfinex emphasizes its commitment to advancing financial freedom and accessibility through its mature technology and diverse business structure.

深潮12/18 09:25

Bitfinex Launches Zero-Fee Trading, Leveraging Long-Term Profitability to Accelerate Global Crypto Asset Adoption

深潮12/18 09:25

HTX Research Latest Report | Deciphering the Pre-Market Trading Ecosystem: How a Ten-Billion-Dollar Market is Reshaping the Starting Line of Web3 Assets?

HTX Research's latest report, "Pre-Market Trading Ecosystem: How a Ten-Billion-Dollar Market is Reshaping the Starting Line for Web3 Assets," analyzes the emergence of a "1.5-level market" bridging primary and secondary crypto markets. Driven by tightened funding and prolonged token generation event (TGE) cycles, this pre-market allows the trading of future token value, points, and convertible rights (like NFTs or whitelist spots) before official listing. Key structures include OTC trades, spot trading, and innovative pre-listing perpetual contracts, exemplified by HTX's launch for WLFI. While growing into a multi-billion-dollar sector, the pre-market faces challenges like thin liquidity and information asymmetry. The report concludes it is a structural shift, not a short-term trend, fundamentally altering project launches, exchange listing strategies, and early user participation.

深潮12/18 09:18

HTX Research Latest Report | Deciphering the Pre-Market Trading Ecosystem: How a Ten-Billion-Dollar Market is Reshaping the Starting Line of Web3 Assets?

深潮12/18 09:18

HTX Research's Latest Report Deciphers Pre-Market Trading Ecosystem: How a Hundred-Billion-Dollar Market Reshapes the Starting Line of Web3 Assets

HTX Research, the dedicated research arm of HTX, has released a new report titled "Pre-Market Trading Ecosystem: Mechanism Evolution, Market Structure, and Future Trends Behind a Ten-Billion Scale." The study systematically examines the formation, asset structures, and major models of the pre-market trading ecosystem in crypto, as well as its profound impact on project issuance and exchange systems. The report highlights the emergence of a "1.5-level market" that bridges primary and secondary markets, driven by tightened funding conditions and extended token generation event (TGE) timelines. This pre-market allows early contributions and future expectations to be transformed into tradable instruments. Three core asset structures form this ecosystem: pre-market OTC, spot, and perpetual contracts tied to future token value; tradable points systems linked to airdrop incentives; and NFT-based rights such as whitelist spots and early access passes. Together, these create a multi-layered pre-trading system. HTX has actively explored this space, launching pre-market perpetual contracts for assets like WLFI before their official listings. While pre-market has reached a multi-billion dollar scale with strong growth potential, it also faces challenges including thin liquidity, information asymmetry, and a lack of standardized regulations. Ultimately, pre-market trading is evolving from a grey-area activity into a structured, institutionalized market layer that is reshaping project launches, exchange strategies, and early user participation in crypto.

marsbit12/18 08:57

HTX Research's Latest Report Deciphers Pre-Market Trading Ecosystem: How a Hundred-Billion-Dollar Market Reshapes the Starting Line of Web3 Assets

marsbit12/18 08:57

Year-End Critical Moment: What the FOMC Decision Means for the Crypto Market

Amid a critical year-end period, Bitcoin hovers around $90,000 with the crypto fear and greed index hitting 25 (extreme fear). The December FOMC meeting delivered an expected 25-basis-point rate cut but adopted a hawkish tone, projecting only one more cut in 2026, causing a brief dip below $90k. However, the Fed also initiated a Reserve Management Purchase (RMP) plan, injecting $40 billion monthly in Treasury liquidity—a form of "stealth QE" that may reshape 2026 market dynamics. On-chain data shows significant capitulation among short-term holders, with realized losses near historic highs, while exchange reserves decline sharply, suggesting accumulation by long-term investors. Seasonal patterns like the "Christmas low-Lunar New Year rally" and increasing institutional adoption—shifting from pure Bitcoin exposure to ETH, altcoins, and tokenized assets—support a potential rebound. Despite short-term volatility and macro uncertainty, indicators like MVRV Z-Score and RHODL Ratio signal a buying opportunity. The convergence of cyclical patterns, improving liquidity, and structural institutional participation frames the current pullback as a mid-cycle adjustment rather than a bear market, offering a strategic entry point for 2026 positioning.

比推12/18 08:24

Year-End Critical Moment: What the FOMC Decision Means for the Crypto Market

比推12/18 08:24

Crypto Market Macro Report: Liquidity Repricing Amid Fed Rate Cuts, BOJ Rate Hikes, and the Christmas Holiday

The Federal Reserve's anticipated 25-basis-point rate cut on December 11 did not signal a shift toward monetary easing. Instead, the Fed's hawkish forward guidance—indicating fewer future cuts and internal dissent among policymakers—suggested constrained future policy flexibility. This led to a "sell the news" reaction, with risk assets like U.S. equities and cryptocurrencies declining as markets repriced expectations for liquidity. Simultaneously, the Bank of Japan is expected to raise rates to 0.75% on December 19, a move that threatens the long-standing yen carry trade. Higher Japanese rates could trigger unwinding of global leveraged positions, causing broad-based selling in risk assets, including crypto, due to increased funding costs and currency risk. These events coincide with the Christmas holiday period, when reduced liquidity amplifies market volatility. The convergence of tighter Fed expectations, BOJ tightening, and seasonal illiquidity creates a fragile environment for crypto, prompting a recalibration of risk rather than a trend reversal. Investors should prioritize risk management amid heightened macro uncertainty.

marsbit12/18 08:12

Crypto Market Macro Report: Liquidity Repricing Amid Fed Rate Cuts, BOJ Rate Hikes, and the Christmas Holiday

marsbit12/18 08:12

2025 Year-End Final Exam: Crypto Asset Allocation Guide After the FOMC Decision

Crypto markets face a critical juncture in late 2025. Bitcoin hovers near $90,000, with the Fear & Greed Index at 25 (Extreme Fear) and short-term holder capitulation at historic highs. The December FOMC meeting delivered an expected 25bps rate cut but adopted a hawkish tone, projecting only one more cut in 2026, causing a brief BTC sell-off. However, the Fed also initiated a $40B/month Reserve Management Purchases (RMP) plan, a form of "stealth QE" injecting liquidity. Key themes emerge: - **Macro Impact**: Hawkish guidance creates short-term pressure, but ending QT and launching RMP set the stage for a 2026 liquidity surge, historically bullish for crypto. - **Institutional Shift**: 2025 marked a pivot to institutional dominance. While BTC remains core, portfolios are diversifying into ETH, Solana, stablecoins, and tokenized real-world assets (RWA). Pension and sovereign wealth funds are increasing exposure. - **Historical Pattern & On-Chain Data**: A potential "Santa Low-Chinese New Year Rally" pattern is anticipated due to seasonal liquidity shifts. On-chain metrics signal a likely bottom: massive STH capitulation, declining exchange reserves, and valuation indicators (MVRV Z-Score, Puell Multiple) in historic buy zones. The confluence of extreme fear, strong underlying accumulation signals, and impending macro liquidity shifts presents a strategic entry point for long-term investors, framing the current pullback as a mid-cycle correction within a broader upward trend.

marsbit12/18 07:13

2025 Year-End Final Exam: Crypto Asset Allocation Guide After the FOMC Decision

marsbit12/18 07:13

Why Does Hyperliquid Earn Less Than Coinbase?

Hyperliquid, a decentralized exchange, processes near-Nasdaq-level perpetual trading volumes but captures significantly lower fees compared to centralized platforms like Coinbase and Robinhood. While Hyperliquid cleared $205.6 billion in notional volume over 30 days, it generated only $80.3 million in fees—an effective take rate of ~3.9 bps. In contrast, Coinbase and Robinhood achieve take rates of ~35.5 bps and ~33.5 bps, respectively, by operating as retail brokers that monetize multiple layers: distribution, balances, subscriptions, and order flow. This gap stems from a structural difference: Hyperliquid positions itself as a low-fee *market layer* (like Nasdaq), providing high-throughput execution and清算 infrastructure, while brokers like Coinbase control user relationships and extract value through higher-margin activities. Hyperliquid’s model includes permissionless distributor frontends (Builder Codes) and product deployment (HIP-3), which drive ecosystem growth but also create long-term fee compression risks by outsourcing high-value distribution. To defend its economics, Hyperliquid is taking steps to retain distribution control, integrate HIP-3 markets natively, and introduce balance-driven revenue streams like USDH (a native stablecoin with 50% reserve收益 sharing) and portfolio margin (10% interest fee on borrows). These moves aim to shift its model from pure exchange-level execution toward a hybrid approach that captures broker-like profit pools—without sacrificing its core infrastructure advantages. The key challenge remains balancing open ecosystem growth with tighter economic integration to avoid being commoditized as a wholesale execution venue.

marsbit12/18 07:03

Why Does Hyperliquid Earn Less Than Coinbase?

marsbit12/18 07:03

Bank of Japan Tightens Liquidity, Why Has Bitcoin Become the Stress Test Subject?

Summary: On December 15, Bitcoin fell over 5% to $85,616, while gold remained nearly unchanged. The decline was largely attributed to expectations of the Bank of Japan (BOJ) raising interest rates by 25 basis points on December 19, marking its highest rate in 30 years. This triggered a unwinding of the yen carry trade, where investors borrowed low-cost yen to invest in higher-yielding assets like Bitcoin. As borrowing costs rise and the currency appreciates, institutions liquidate risk assets, with Bitcoin—due to its high liquidity and volatility—often being the first sold. Historically, BOJ rate hikes have correlated with significant Bitcoin pullbacks, such as the 23% drop in July 2024. The article argues that Bitcoin’s integration into traditional finance via ETFs has made it more susceptible to macro liquidity shifts, weakening its "digital gold" narrative. While the market has priced in the hike, the outcome depends on the BOJ’s forward guidance. The piece concludes that Bitcoin is now a high-beta risk asset, deeply tied to global liquidity dynamics.

比推12/18 06:42

Bank of Japan Tightens Liquidity, Why Has Bitcoin Become the Stress Test Subject?

比推12/18 06:42

Will Japan's Interest Rate Hike Trigger a Global Liquidity Shock?

As the Bank of Japan's December 19 monetary policy meeting approaches, market concerns are rising over a potential hawkish interest rate hike. A report by Western Securities on December 16 analyzes whether this move could end the era of cheap yen and trigger a global liquidity crisis. Key drivers for a rate hike include Japan’s sustained inflation above the 2% target, low unemployment supporting wage growth, and expansionary fiscal policy. These factors may push the BOJ toward tightening, raising fears of unwinding large-scale carry trades and causing global financial stress. However, the report suggests the most dangerous phase of liquidity shock may have already passed. Previous rate hikes in July and January had diminishing market impact, speculative short positions in yen have largely been closed, and the macro environment—including a resilient U.S. economy and Fed easing—reduces urgency for rapid unwinding. The Fed’s expanded balance sheet also acts as a buffer. Despite theoretical stability, global markets remain fragile after a six-year bull run, with elevated valuations and AI-related泡沫 concerns. A BOJ hike could act as a catalyst for a liquidity shock, though any sharp sell-off may prompt stronger Fed easing, leading to a quick recovery. Investors are advised to monitor the situation closely. If U.S. markets experience repeated “stock-bond-currency triple sell-offs,” it may signal a liquidity crisis. Over the medium term, global monetary easing is expected to continue, supporting gold and China assets—especially AH shares—on yuan appreciation and capital inflows. U.S. stocks and bonds may face volatility.

marsbit12/18 06:11

Will Japan's Interest Rate Hike Trigger a Global Liquidity Shock?

marsbit12/18 06:11

HashKey Supports Nighttime Currency Exchange, Becoming First Licensed Exchange to Fully Enable 24/7 Fiat Conversion

Hong Kong's licensed virtual asset exchange platform, HashKey Exchange, has announced the launch of overnight USD-HKD currency exchange services, making it the first licensed platform in Hong Kong to offer round-the-clock fiat currency conversion for both retail and institutional clients. This upgrade allows users to enjoy near-native crypto market liquidity at any time of day. Previously, currency exchanges were limited to banking hours, restricting institutions from hedging overnight and individuals from transferring funds promptly. With the new service, HashKey will process conversion requests outside regular banking hours, enabling seamless transactions without delays. As a licensed platform, all funds used in overnight exchanges are fully segregated from operational funds and monitored in real-time to ensure security. The move enhances Hong Kong’s digital finance infrastructure, providing both institutional and retail users with continuous, regulated, and reliable conversion services. Randall Chan, Managing Director of HashKey Exchange, stated that fiat liquidity has been a major barrier for institutional entry into digital assets. Overnight conversion reduces time constraints for hedging, transfers, and settlements, allowing secure capital flow at all hours. The platform aims to further integrate trading, deposits/withdrawals, custody, and settlement into a comprehensive liquidity infrastructure.

深潮12/18 04:50

HashKey Supports Nighttime Currency Exchange, Becoming First Licensed Exchange to Fully Enable 24/7 Fiat Conversion

深潮12/18 04:50

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