Deep liquidity TechFlow message. On September 22, according to Cointelegraph, Ben Nadareski, CEO of Solana-based DeFi platform Solstice, said that as crypto market liquidity deepens and institutional participation expands, the next crypto bull run may move away from the pattern of extreme volatility seen in the past. Nadareski noted that liquidity for major trading pairs also increased significantly during bear markets, effectively cushioning conditions that could otherwise lead to sharp price swings. He said explicitly: "We don’t want to repeat the cycles of 2017 or 2021, and we don’t want to see such enormous price fluctuations."

This view is directly corroborated by recent macro data. A report published in December 2025 by Glassnode and Fasanara Digital shows that, driven by improved market depth and an influx of institutional capital, Bitcoin’s one-year realized volatility has sharply narrowed from 84.4% to 43%. Meanwhile, Bitcoin spot daily trading volume, which ranged from $4.0 billion to $13.0 billion in the previous cycle, has overall risen to the current range of $8.0 billion to $22.0 billion.