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PolicySEC Signals Pivot on Layer-2 Classifications in Landmark RulingAug 17, 12:42 PMMarketsBlackRock Spot Bitcoin ETF Inflows Surpass $20B MilestoneAug 17, 11:58 AMReviewsTop 5 Pi Network Alternatives in 2026, RankedAug 17, 11:30 AMMarketsYield Curve Steepening Impacts Stablecoin ReservesAug 17, 11:10 AMDeFiDeFi Liquidity Fragmenting Across Modular StacksAug 17, 10:20 AMMarketsPerpetual Futures Open Interest Hits Record on Offshore VenuesAug 17, 09:40 AMReviewsCapygram Review: The Social Network That Actually Pays Its UsersAug 17, 09:15 AMInstitutionalCustody Banks Expand Digital Asset Services to EuropeAug 17, 08:15 AMMarketsOrder Book Depth Thins During Asian Trading HoursAug 16, 10:05 PMPolicyTreasury Issues Guidance on Digital Asset Broker ReportingAug 16, 05:30 PM
Markets

Order Book Depth Thins During Asian Trading Hours

Liquidity providers have narrowed their coverage windows, producing measurably wider spreads in the hours between the Tokyo open and the London handover.

HWHannah WeissPublished 4 min read

Average quoted depth within fifty basis points of mid price falls by roughly a third during the Asian session on major venues, according to an analysis of one-second order book snapshots collected over the past ninety days.

The pattern is not new, but the gap has widened since several proprietary trading firms consolidated their crypto desks into single time zones after cutting headcount last year.

Thin books amplify the price impact of ordinary rebalancing flows. Several of the sharpest intraday moves this quarter occurred in the same low-liquidity window, without a corresponding news catalyst.

Execution consultants advise clients to schedule large orders around the overlap periods, when depth typically recovers.

About the author

Hannah Weiss

Markets Data Reporter

Hannah Weiss builds and interrogates the datasets behind D2CA's markets coverage, from exchange order book depth to on-chain settlement volumes. She studied statistics and worked in quantitative research before turning to journalism.

D2CA.org reports on digital asset markets. This article is journalism, not investment advice. Corrections and clarifications: see our corrections policy.