Crypto enters Q3 with less leverage but thinner liquidity after Q2 reset

Institutional data provider Talos reports that $8.35 billion in long liquidations cleared leveraged positions in Q2, but Bitcoin's order-book depth halved to $35-40 million. ETF outflows, weaker Strategy purchases and declining stablecoin supply reduced market liquidity heading into Q3.

• Bitcoin open interest fell 32% from its Q2 peak to $33.5 billion; Ether open interest dropped 40% to $16.2 billion.
• Bitcoin's 2% order-book depth fell from $70 million in early May to $35-40 million by late June.
• Spot exchange volume declined 28% quarter-over-quarter to $2.32 trillion.
• Strategy bought only 3,600 BTC in June, down from 25,000 in May and 50,000 in April.

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