Analysis: S&P 500 futures liquidity is 61% lower than the historical average, and orders of several million dollars can move the index

BlockBeats news, March 15, according to The Kobeissi Letter, amid the backdrop of the Iran war, S&P 500 futures liquidity rapidly dropped to $5.1 million, approaching the lowest level since "Liberation Day" in April 2025. This is 61% lower than the historical average (about $13 million). Data from Goldman Sachs indicates that liquidity below $7 million is a signal of market stress.

Analysis points out that low liquidity means that orders worth millions of dollars can move the S&P 500 by one tick, similar to the market turmoil triggered by the 2025 tariff announcement. The impact of institutional trading is amplified, and investors need to be alert to extreme volatility.