This report presents a comprehensive framework for measuring liquidity, defined as the ability to quickly execute large orders at a price close to the market, with limited impact. Liquidity must be assessed over time and across market regimes, incorporating the effects of seasonality and macroeconomic events. A rigorous evaluation of liquidity requires a multidimensional approach, as no single indicator can capture all its factors.
The report details the indicators used and their contribution, including metrics such as volume, spreads, market depth, and slippage, and applies this framework to Korean cryptocurrency exchange platforms. It offers a cross-exchange comparison to document the concentration of trading activity and liquidity,…
Jan 07 2026
