ChainThink report, March 15: According to The Kobeissi Letter, amid the Iran conflict backdrop, S&P 500 futures liquidity has rapidly declined to $5.1 million, approaching the lowest level since the "Liberation Day" in April 2025, a 61% drop from the historical average (~$13 million). Goldman Sachs data indicates that liquidity below $7 million serves as a market stress signal.

Analysis points out that low liquidity means multi-million-dollar orders can trigger a one-tick move in the S&P 500, akin to the market turbulence triggered by the 2025 tariff announcements, amplifying institutional trading impact—investors must remain vigilant against extreme volatility.