If institutional investors were responsible for the decrease in volatility, I'd think we would've seen a corresponding increase in liquidity. (It's the additi

If institutional investors were responsible for the decrease in volatility, I'd think we would've seen a corresponding increase in liquidity. (It's the additional liquidity and depth of market that they presumably would provide that dampen the price swings). I haven't run the data recently, but anecdotally I don't think liquidity has improved much. The most liquid/highest volume period was still the run to $1000.