I've noticed that trading Bitcoin has become less smooth in recent months. It turns out that market liquidity has dropped by about half since September of last year. For those who are not aware - liquidity is essentially the volume that allows you to quickly enter or exit a position without significant price slippage. When it's low, trading becomes more volatile and unpredictable. Interestingly, this coincides with a period when many traders were switching between platforms. Such a decline could explain why the price sometimes jumps on news that previously had no impact on quotes at all. We need to watch whether liquidity will start to recover or continue to decline.