On March 15, liquidity in S&P 500 futures fell sharply to $5.1 million, marking its lowest level since "Liberation Day" in April 2025. According to BlockBeats, this represents a 61% decrease from the historical average of approximately $13 million. Goldman Sachs data indicates that liquidity below $7 million signals market stress.
Analysts highlight that low liquidity means that orders worth millions can significantly impact S&P 500 volatility, similar to the market turmoil caused by the 2025 tariff announcement. The amplified effect of institutional trading requires investors to be cautious of extreme fluctuations.