This study applies the methodology of the SEC (2018) to empirically determine thresholds for liquidity of crypto assets, utilizing two metrics for assessing liquidity: the Average Daily Volume (ADV) calculated by the number of units of crypto assets traded (ADV#) and by the traded dollar amounts (ADV$). Our findings reveal that the liquidity distribution patterns for both actively and thinly traded National Market System (NMS) stocks, alongside crypto-USD pairs, exhibit comparable trends. Notably, the liquidity threshold distributions remain stable despite the inclusion of crypto assets with very low unit prices; however, the volume of units traded does affect the distribution when ADV$ is used. This research contributes to the accounting field by offering a new approach to determine liquidity benchmarks for crypto assets, potentially guiding the assessment of whether a crypto asset is traded in an active or inactive market for fair value accounting purposes.

中文翻译：

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加密资产流动性门槛实证分析


本研究应用 SEC（2018）的方法来凭经验确定加密资产流动性的阈值，利用两个评估流动性的指标：根据交易的加密资产单位数量（ADV#）计算的平均每日交易量（ADV）和按交易金额 (ADV$) 计算。我们的研究结果表明，交易活跃且交易清淡的国家市场系统（NMS）股票以及加密美元货币对的流动性分布模式表现出类似的趋势。值得注意的是，尽管包含了单价非常低的加密资产，但流动性阈值分布仍然保持稳定；然而，使用 ADV$ 时，交易单位量确实会影响分配。这项研究为会计领域做出了贡献，提供了一种确定加密资产流动性基准的新方法，可能指导出于公允价值会计目的评估加密资产是否在活跃或不活跃市场中进行交易。