Analysis: S&P 500 Futures Liquidity is 61% below historical average, with a multi-million dollar order sufficient to move the index

BlockBeats News, March 15th, according to The Kobeissi Letter, against the backdrop of the Iran war, S&P 500 futures liquidity quickly fell to $5.1 million, close to the lowest level since the "Liberation Day" in April 2025, down 61% from the historical average (about $13 million), Goldman Sachs data shows that a level below $7 million is a market stress signal.

Analysis points out that low liquidity means that orders of millions of dollars can move the S&P 500 by one point, similar to the market turbulence caused by the 2025 tariff announcement, institutional trading impact amplifies, investors need to beware of extreme volatility.