During the US Independence Day holiday, traditional financial markets and Bitcoin ETF trading rails shut down, leaving spot Bitcoin as one of the few venues still open for trading. This creates a natural test of crypto's always-on promise, highlighting both its constant availability and a potential downside: when institutional participants and ETF-related flows step away, market liquidity can thin considerably. Reduced liquidity may lead to wider spreads and greater price volatility, as fewer large players are present to absorb sizable orders. The holiday effectively serves as a benchmark for observing how Bitcoin markets behave without the support of connected traditional finance infrastructure. For traders, the period underscores that 24/7 access does not guarantee robust market depth, especially when major intermediaries and regulated products are offline for extended periods.
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