SSV Liquidity Report: October 25th - November 25th
Keyrock continued to focus on providing stability and liquidity for SSV across both stablecoin and crypto pairs during what has been an active market period. Our role as a market maker remains centered on ensuring deep liquidity and maintaining key price levels on both sides of the order book, facilitating smooth execution for all market participants. This month marked significant market movements, with Bitcoin surging 37.5% since October 25th, driving total cryptocurrency open interest from $33.98B to $55.86B. This bullish sentiment was reflected in the SSV token, which appreciated from $19.44 to $26.26, while its total open interest increased from $8.61M to $12.8M. Moving forward, we will be switching to monthly reporting to provide more detailed updates aligned with macro market environments.
General Market Overview:
Keyrock ensures stable market conditions for SSV, efficiently absorbing large orders while minimizing price impact. The charts below offer an overview of the SSV market during October 25th - November 25th highlighting Keyrock’s key metrics. During this period, strong market presence was maintained across all major venues. On Binance, Keyrock’s activity on the SSV/USDT pair showed significant contribution with a volume of $7.25M, while our SSV/BTC and SSV/ETH volumes reached $150.3K and $342.5K respectively. Bybit demonstrated strong performance with our volume of $2.95M on the SSV/USDT pair. Throughout this period of heightened market activity, spreads remained tight and stable, with SSV/USDT pairs maintaining spreads below 0.15%, while crypto pairs (SSV/BTC and SSV/ETH) maintained spreads below 0.30%, reflecting our commitment to providing consistent market quality.
Metric 1: Median Depth within Distance from the Mid-Price
The following charts detail the liquidity depth Keyrock provided for SSV-USDT across Binance, Bybit and OKX pairs over time. Grouped by basis points (bps) from the mid-price, these charts illustrate our ability to maintain consistent liquidity across different trading pairs, with rebalancing occurring quickly after large trades. Liquidity has been deepest on Binance, followed by Bybit and OKX.
Metric 2: Keyrock Market Share
This metric highlights Keyrock’s share of total SSV trading volume. In multiple instances during this period, Keyrock accounted for a significant portion of the market volume, with peaks reaching close 30% of total trading activity. The consistent presence across both high and low volume periods demonstrates our commitment to providing liquidity during varying market conditions.
Metric 3: Keyrock Total Orderbook Spread
The following charts display Keyrock’s spread performance for SSV trading pairs, demonstrating our ability to provide competitive bid-ask spreads across different pairs. Despite fluctuations in market depth, Keyrock maintained tight spreads, ensuring efficient trading for market participants.
Summary:
During the period from October 25th to November 25th, Keyrock continued to demonstrate strong market making performance across all major venues, maintaining consistent liquidity, managing significant order flows, and keeping competitive spreads across all SSV trading pairs. Moving forward, we will be transitioning to monthly reporting to provide more comprehensive updates aligned with macro market environments, ensuring the DAO remains well-informed of our ongoing progress in maintaining market quality.