We provide empirical evidence within the context of cryptocurrency markets that the returns from liquidity provision … liquidity provision are amplified in smaller, more volatile, and less liquid cryptocurrency pairs where fear of adverse … highlight the role of inventory risk and adverse selection for liquidity provision. …

issuance are significantly and positively related to lagged changes in aggregate local market liquidity. This relation is at … investor sentiment, as well as the exclusion of the financial crisis. Changes in liquidity are less relevant for firms that …