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Michael Egorov

Bitcoin Liquidity Stays on Centralized Platforms as DeFi Struggles To Automate Market Making

On January 12, 2026, Michael Egorov argued that Bitcoin liquidity will remain concentrated on centralized exchanges, ETFs and custodians because DeFi has yet to replicate professional market makers. He noted that only 0.79% of BTC supply is deployed in DeFi, while products like ETFs already hold about 7% of Bitcoin’s market cap. Until on-chain systems can automate pricing and passive liquidity like CEXs, he believes most institutional and retail capital will avoid complex DeFi tools.
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