Deep liquidity depth in derivatives markets is becoming increasingly critical for executing trades as overall trading activity declines

"The trading, however, happens elsewhere. Perpetual futures, dated contracts, and options carry a large share of daily activity... When a macro headline breaks, futures react within seconds and spot follows. Market mechanics drive a meaningful share of price action now, and any analysis that ignores them is incomplete."

"The decline in the open interest was less than the trading volume, signaling that market participants purchased and sold trades during sluggish trading activity, which further highlighted the need for deep liquidity to execute trades."