A huge data set has confirmed a long-theorized relationship between the size of stock trades and the impact on prices. Buying large numbers of shares in a company would be expected to drive the price up for other investors, because such purchases imply a commodity in demand. Researchers have now gained their best handle so far on how much.
In 2025, a new source of capital began to play a larger role in shaping Bitcoin's market structure: oil-linked funds from the Gulf region. These capital pools are entering the market through regulated channels, particularly spot Bitcoin exchange-traded funds (ETFs). These inflows could drive the next wave of liquidity. Rather than simply causing temporary price increases, they may support narrower bid-ask spreads, greater market depth and the ability to execute larger trades with less price impact.