[Analysis: S&P 500 Futures Liquidity Down 61% Compared to Historical Average, Multi-Million Dollar Orders Can Trigger Index Volatility] BlockBeats News, March 15, according to The Kobeissi Letter, against the backdrop of the Iran war, S&P 500 futures liquidity has rapidly dropped to $5.1 million, nearing the lowest level since 'Liberation Day' in April 2025. This is 61% lower than the historical average of approximately $13 million. Goldman Sachs data indicates that liquidity below $7 million is a signal of market stress. The analysis points out that low liquidity means that multi-million dollar orders can trigger a one-tier fluctuation in the S&P 500, similar to the market turbulence caused by the 2025 tariff announcement. The impact of institutional trading is amplified, and investors need to be cautious of extreme volatility.