Binance Liquidity Plummets During Bitcoin Volatility While Kraken and Coinbase Maintain Stability

Binance's bitcoin liquidity plummeted during the recent ETF rumor rollercoaster according to data from Kaiko.
The 0.1% ask depth, a measure of buy-side liquidity, crashed from 100 BTC to just 1.2 BTC on Binance as volatility spiked.
Kraken and Coinbase outperformed other exchanges in maintaining liquidity during the event.
Several traders experienced high slippage up to 20% on Binance and other exchanges due to vanishing liquidity.
Binance's sophisticated market makers were not able to sustain liquidity compared to Kraken and Coinbase.