According to Kaiko analysts, the share of Bitcoin volume over the weekend is now at its lowest level on record at just 13%, almost half the 24% share in 2018. The analysts said, "This decline is indicative of deteriorating liquidity conditions over the weekend, which could be attributed to increased institutional participation and deteriorating market infrastructure." They said the growing appeal of spot bitcoin ETFs suggests the gap between weekend and weekday trading could widen further as the market structure changes.